HK Stock Market Move | Wellcell Holdings (02477) fell over 7% at one point and plans to offer a discount of approximately 7.69% for rights issue. The net proceeds are expected to be approximately HK$1.88 billion.

WELLCELL HOLD (02477) once fell more than 7%, as of the time of writing, it is down 3.85% at 0.25 Hong Kong dollars, with a turnover of 61.942 million Hong Kong dollars. On the news front, WELLCELL HOLD announced last night that it will issue up to 796 million shares in a non-pro rata manner, accounting for approximately 16.6% of the enlarged share capital, at a price of 0.24 Hong Kong dollars per share, a discount of approximately 7.69% compared to the closing price of 0.26 Hong Kong dollars on July 13. The net proceeds of approximately 187.96 million Hong Kong dollars will be allocated as follows: approximately 34.58% will be allocated for research and development costs of the computing power service platform; approximately 32.99% will be allocated as prepayment for computing power and model resources; approximately 26.07% will be allocated for the construction of a self-built computing power pool; and approximately 6.36% will be allocated as general operating expenses.