HK Stock Market Move | TIME INTERCON(01729) opened more than 3% lower, proposing to offer a discount of around 13.58% for the sale of shares, netting approximately 28.85 billion Hong Kong dollars.

TIME INTERCON (01729) opened more than 3% lower, falling 3.21% to HK$23.52 as of the time of writing, with a trading volume of HK$41.866 million. In terms of news, TIME INTERCON announced that it plans to issue 138 million new shares, representing approximately 6.19% of the enlarged share capital, at a price of HK$21 per share, a discount of approximately 13.58% compared to the closing price of HK$24.3 on the previous trading day. The expected net proceeds are approximately HK$2.885 billion, with approximately 50% to be used for the development of global business and expansion of overseas business; 20% for strengthening the balance sheet and repayment of bank loans; 20% for strategic investments and acquisitions; and 10% for working capital and general corporate purposes.