HK Stock Market Move | REFIRE (02570) fell nearly 9% to reach a new historical low, with a total market value of less than 5 billion Hong Kong dollars. The recent rights issue raised a net amount of 2.58 billion Hong Kong dollars.

REFIRE (02570) fell nearly 9% in the afternoon session, hitting a low of HK$48.06, a historical low. As of the time of writing, it fell 8.67% to HK$48.22, with a turnover of HK$54,848,000 and a total market value of less than HK$5 billion. On the news front, REFIRE recently announced the completion of a private placement of a total of 4,536,000 shares, raising a net of HK$258 million. 50% of the funds are intended to be used for repaying bank loans and lease liabilities, with the remaining balance for general corporate purposes. Public information shows that REFIRE is a leading player in fuel cell technology. China International Capital Corporation (CICC) stated that fuel cell technology is experiencing rapid advancements in technology and cost reduction, and predicts that after 2028, the full life cycle cost of fuel cell heavy-duty vehicles is expected to gradually reach parity.