HK Stock Market Move | GLOBAL NEW MAT (06616) plummeted by 26% in the morning with heavy volume. It recently announced plans to issue convertible bonds with a total principal amount of HK$1 billion.

GLOBAL NEW MAT (06616) saw a sharp decline in the morning, hitting a low of 8.8 Hong Kong dollars during the trading session, a drop of over 26% from the previous day's closing price. As of the time of writing, the stock has fallen by 10.44%, trading at 9.78 Hong Kong dollars, with a trading volume of 172 million Hong Kong dollars. In terms of news, GLOBAL NEW MAT recently announced its plans to issue convertible bonds with a total principal amount of 1 billion Hong Kong dollars. Based on a preliminary conversion price of 10.19 Hong Kong dollars per share, the convertible bonds will be convertible into approximately 98.1354 million shares of convertible stock, equivalent to around 7.92% of the existing issued shares. The company will apply for the convertible bonds to be listed for trading on the Vienna MTF and for the convertible shares to be listed for trading on the Stock Exchange.