HK Stock Market Move | Dongfang Electric Corporation (01072) falls more than 4%, plans to offer a discount of nearly 8% on additional share issuance to raise approximately 1.075 billion Hong Kong dollars.

Dongfang Electric Corporation (01072) fell more than 4%, dropping by 4.1% to HK$16.59 as of the time of writing, with a trading volume of HK$45.9375 million. On the news front, Dongfang Electric Corporation announced a placement of 68 million shares, representing approximately 16.67% of the enlarged H shares and about 1.97% of the total number of shares issued. The placement price is HK$15.92 per share, at a discount of approximately 7.98% from the closing price of HK$17.3 on September 17. The company expects to raise approximately HK$1.075 billion from the placement, with around 50% intended for R&D investment and the remaining 50% for expanding the company's sales channels.