HK Stock Market Move | MOMENTUM FIN (01152) resumed trading and surged nearly 150%, reaching an agreement with creditors for repayment.

MOMENTUM FIN (01152) resumed trading this morning and surged nearly 150% at one point. As of the time of writing, it has increased by 101.33% to 0.151 Hong Kong dollars with a trading volume of 2.01 million Hong Kong dollars. On the news front, MOMENTUM FIN announced that it has reached a repayment agreement with Rosy Benefit, Nicheng, and Zheng Lizhong (creditors). According to this agreement, the company plans to capitalize the outstanding debts to creditors by issuing convertible bonds with a total principal amount of 91.53 million Hong Kong dollars. The bonds will have a term of two years, an annual interest rate of 3%, a conversion price of 0.02 Hong Kong dollars, a discount of 73.33% compared to the pre-suspension closing price. The convertible new shares will account for 82.34% of the expanded share capital of the company.