HK Stock Market Move | CHINA TIANRUI (01252) fell more than 8%, Deloitte resigned as the company's auditor, offering a 4.35% discount on the net fundraising of HK$47 million through a rights issue with old shares being sold before new ones.

CHINA TIANRUI (01252) fell more than 8%, falling 8.7% to HK$0.315 as of the time of writing, with a turnover of HK$5.9081 million. In terms of news, CHINA TIANRUI announced that Deloitte & Touche (Deloitte) has resigned from the position of the company's auditor, effective from December 24. Deloitte considered many factors including professional risks related to auditing, the level of audit fees, and the availability of internal resources according to current workflow. The board of directors and audit committee expect that the auditor's resignation will not have any significant impact on the annual audit and performance announcement of the group for the year ended December 31, 2024. It is worth noting that Tiantian Cement has not yet released its interim performance for 2024. In addition, the company announced a rights issue with a maximum of 1.45 shares, involving new shares accounting for 4.7% of the enlarged share capital; the issue price is HK$0.33, representing a discount of 4.35% from the closing price on December 24. The net proceeds of HK$47 million will be used for partially repaying debts, with the remainder allocated for general operating funds.