HK Stock Market Move | YOFC(06869) opens more than 3% lower and plans to offer a discount of nearly 15% for a net fundraising of HK$2.23 billion.

YOFC (06869) opened more than 3% lower, and as of the time of writing, it fell by 3.64% to HK$36.54, with a turnover of HK$197.864 million. In terms of news, YOFC announced this morning that it plans to issue 70 million new shares to no less than six placing agents, representing approximately 8.46% of the enlarged share capital, at a price of HK$32.26 per share, a discount of 14.93% compared to the closing price of HK$37.92 on December 9. The total amount raised from the placement is expected to be HK$2.258 billion, with a net fundraising amount of approximately HK$2.23 billion, of which about 80% will be used for developing overseas business and the remainder for operational capital. The company stated that the placement will enhance its liquidity and financial position, and optimize its capital structure.