HK Stock Market Move | XXF (02473) rebounded by more than 15%, announced a rights issue to raise funds, and the stock price fell by over 16% yesterday.

XXF (02473) rebounded nearly 15%, closing at 15.71% at the time of publication, at a price of 0.81 Hong Kong dollars, with a trading volume of 2.99 billion Hong Kong dollars. On the news front, XXF recently announced that the company, seller Mingzhu Capital Resources Limited, and the placement agent have entered into a placement and subscription agreement. According to this agreement, the seller intends to sell approximately 155 million existing shares to no fewer than six underwriters through the placement agent, at a price of HK$0.82 per share, a discount of approximately 2.38% from the last trading day closing price of HK$0.84 per share on the Stock Exchange; and the company will issue an equivalent number of new shares to the seller at a price of HK$0.82 per share, raising approximately 1.26 billion Hong Kong dollars, intended for further purchasing automobiles for the group's main business and related purposes.