HK Stock Market Move | Pharmaron Beijing (03759) continues to fall more than 3%. It recently announced plans to issue 8.5% discounted shares for fundraising.

Pharmaron Beijing (03759) continued to drop by over 3%, falling 3.44% to HK$23.04, with a turnover of HK$157 million as of press time. In terms of news, Pharmaron Beijing announced yesterday that it plans to sell approximately 58.44 million new H shares, representing about 3.19% of the total issued share capital and about 16.57% of the total issued H shares after the expansion. The sale price is HK$22.82 per share, with a discount of approximately 8.5% compared to the closing price on January 14. The company expects the total amount and net proceeds from the sale to be approximately HK$1.334 billion and HK$1.319 billion, respectively. Approximately 70% of the proceeds will be used for project construction to enhance the capabilities and capacity of laboratory service facilities, drug process development, and production facilities; about 10% will be used to repay bank loans and other borrowings to optimize the capital structure; and the remaining approximately 20% will be used for supplementary working capital and other general purposes.