HK Stock Market Move | XIMEI RESOURCES (09936) opened more than 9% lower, planning to issue new shares with a discount of 19.5% for a net fundraising of HK$537 million.

XIMEI RESOURCES (09936) opened 9% lower, as of the time of writing, it is down 9.5%, trading at 18.1 Hong Kong dollars, with a turnover of 550 million Hong Kong dollars. In terms of news, XIMEI RESOURCES announced that it plans to issue up to 34.1 million shares to at least six placing agents in a "new old" manner, accounting for approximately 8.23% of the company's enlarged issued share capital, at a price of 16.1 Hong Kong dollars per share, representing a discount of approximately 19.5% from the closing price of 20 Hong Kong dollars per share on June 2. The estimated net proceeds are expected to be approximately 5.372 billion Hong Kong dollars. The company plans to utilize the net proceeds from the subscription for the following purposes: approximately 1.612 billion Hong Kong dollars for potential strategic investments and acquisitions in the upstream mining sector; approximately 1.612 billion Hong Kong dollars for business development and capacity expansion; approximately 2.148 billion Hong Kong dollars for operating funds and general corporate purposes.