HK Stock Market Move | Contemporary Amperex Technology (03750) opens more than 6% lower, plans to issue approximately 7% of its shares at a discount to raise nearly HK$39.2 billion.

Contemporary Amperex Technology (03750) opened lower by over 6%, and as of the time of writing, it has dropped by 6.74%, trading at 630 Hong Kong dollars with a turnover of 4.53 billion Hong Kong dollars. On the news front, Contemporary Amperex Technology announced this morning that it plans to issue 62.385 million new H shares, representing approximately 28.58% of the total number of H shares issued after expansion and approximately 1.36% of the total number of shares issued; the issue price per share is 628.2 Hong Kong dollars, a discount of about 7% from the closing price of 675.5 Hong Kong dollars on April 27. The total amount raised from the share issuance is estimated to be about 39.19 billion Hong Kong dollars, with a net amount of around 39.11 billion Hong Kong dollars. The funds raised will be used for global new energy project construction and zero-carbon business layout, research and development investment, supplementing daily operating funds, and other general corporate purposes to accelerate the implementation of global zero-carbon strategies and support long-term sustainable development.