HK Stock Market Move | SINOHYTEC (02402) fell by over 5% again. The company plans to raise nearly 2 billion Hong Kong dollars through a rights issue, mainly to repay bank loans.

SINOHYTEC (02402) fell by more than 5% again, dropping more than 30% this month. As of the time of writing, it is down 4% to 23.02 Hong Kong dollars with a trading volume of 20.5841 million Hong Kong dollars. On the news front, SINOHYTEC previously announced that it plans to issue up to 8.88 million new H shares, accounting for 3.69% of the expanded total issued share capital. The issue price is 22.68 Hong Kong dollars per share, a 14.99% discount from the closing price of 26.68 Hong Kong dollars on December 15. The net proceeds from the share issuance, approximately 197.7 million Hong Kong dollars, will be used to repay bank loans (90%) and for general operating funds of the group (10%).