HK Stock Market Move | CHINA QINFA (00866) is currently up more than 7%. The company plans to raise over 300 million Hong Kong dollars through a rights issue, which will be used for the development of the group's mines in Indonesia.

China Qinfa (00866) initially fell in the morning session and then rose by over 7% in the afternoon. As of the time of writing, the stock has risen by 6.92% to HK$4.17, with a turnover of HK$442 million. On the news front, China Qinfa announced a plan to sell 90 million shares through a combination of old and new shares at a price of HK$3.51 per share, representing a discount of approximately 10.0% from the previous trading day's closing price. The net proceeds of approximately HK$3.096 billion will be used for the construction and development of the group's Indonesian mine (46.0%), mining equipment (23.0%), building construction (21.0%), and contracting and other miscellaneous expenses (10.0%) to support the development of the group's Indonesian mine.