HK Stock Market Move | WASION HOLDINGS (03393) opened more than 3% lower and plans to offer a 6.07% discount for a rights issue to raise HK$1.5 billion, prioritizing existing shareholders.

WASION HOLDINGS (03393) opened more than 3% lower, falling 3.26% to HK$30.9 as of press time, with a turnover of HK$1.505 billion. On the news front, WASION HOLDINGS announced that it will issue up to 50 million shares through a rights issue, representing an enlarged share capital of 4.78%. The issue price is HK$30 per share, representing a discount of 6.07% from the closing price of HK$31.94 on April 20, raising HK$1.5 billion with a net amount of HK$1.474 billion. Of the net proceeds, approximately 14.93% will be used for the development of magnetic persistence and high-voltage direct current business; approximately 13.57% will be used for domestic research and development and intelligent manufacturing investment; approximately 33.92% will be used for expanding overseas markets, including North America, Europe and South Africa; approximately 13.57% will be used for the acquisition of a company engaged in energy management digitization and intelligent construction business; approximately 13.57% will be used for repaying bank loans; and approximately 10.45% will be used for the group's general operating funds and general business purposes.