HK Stock Market Move | OSL GROUP (00863) falls more than 5%, plans to offer a 17% discount on rights issue with net proceeds of approximately 1.55 billion Hong Kong dollars, prioritizing old shareholders before new shareholders.

OSL GROUP (00863) fell more than 5%, dropping by 5.17% to HK $17.07 as of the time of publication, with a turnover of HK $1.561 billion. On the news front, OSL GROUP announced plans to issue approximately 104 million shares at HK $14.9 per share, representing about 11.6% of the enlarged issued share capital of the company after the issuance. The issuance price represents a discount of approximately 17.2% to the closing price on the last trading day. It is estimated that the total proceeds from the issuance will be approximately HK $1.56 billion, with net proceeds estimated at around HK $1.55 billion. The net proceeds from the issuance are planned to be used for the following purposes: approximately 30% for strategic acquisition initiatives, approximately 35% for global business expansion initiatives including payment services and stablecoin business, approximately 15% for product development and technology infrastructure, and approximately 20% for general working capital and other general corporate purposes.