HK Stock Market Move | CONANT OPTICAL (02276) fell more than 8%, planning to sell 11% of its equity to Goertek Inc. at a discount of 20%, raising approximately HKD 830 million.

CONANT Optical (02276) surged more than 70% in the previous nine trading days, but fell over 8% in early trading today. As of the time of writing, it has dropped 8.18% to 20.2 Hong Kong dollars, with a trading volume of 40.8729 million Hong Kong dollars. In terms of news, CONANT Optical announced that it plans to sell 53.325 million new shares to Hong Kong Goertek at a price of 15.86 Hong Kong dollars per share, representing approximately 11.11% of the expanded share capital. The offer price represents a discount of about 19.98% to the closing price of 19.82 Hong Kong dollars last Friday, with net proceeds from the offer of approximately 828 million Hong Kong dollars to be used for research, design, and manufacturing of lenses and visual solutions for smart glasses and XR headsets. It is reported that Hong Kong Goertek is an indirectly wholly-owned subsidiary of Goertek Inc., which is listed in Shenzhen. CONANT Optical believes that the offer will broaden the company's shareholder base and capital base, enhance the strategic relationship between the group and Goertek Inc., and bring more business development opportunities and collaboration opportunities with Goertek Inc.