HK Stock Market Move | CHINA STATE CON (03311) rises nearly 6% in the afternoon, the company plans to issue shares to Oriental Asset and raise nearly HK$3 billion.

CHINA STATE CON (03311) rose nearly 6% in the afternoon, rising 5.74% to 12.9 Hong Kong dollars as of press time, with a turnover of 82.8906 million Hong Kong dollars. On the news front, on March 11th, CHINA STATE CON announced that it plans to issue 244.6 million shares of subscription shares to China East Assets Management (International) Holdings, with a total subscription price of up to 2.999 billion Hong Kong dollars. The proceeds from this subscription will be mainly used to repay interest-bearing debts, manufacture and research and development of prefabricated building and other building technologies, as well as investments in the group's construction or other building-related businesses and general corporate purposes. In addition, CHINA STATE CON plans to hold a board meeting on March 21st to approve the annual performance. The company's performance for the mid-year of 24 years shows an operating income of approximately 61.755 billion Hong Kong dollars, a year-on-year increase of 12.1%; shareholders' net profit attributable to shareholders was 5.465 billion Hong Kong dollars, a year-on-year increase of 12.7%. For the six months ended June 30, 2024, the group has accumulated new contract amounts of approximately 125.13 billion Hong Kong dollars.