HK Stock Market Move | PINE TECH (01079) falls more than 6%. It is recommended to offer 2 shares for every 1 share held at HK$0.15 per share to raise HK$1.07 billion.

PINE TECH (01079) fell more than 6%, reaching a fall of 6.67% by the time of publication, to 0.238 Hong Kong dollars, with a turnover of 1.6616 million Hong Kong dollars. On the news front, on the evening of July 16, PINE TECH announced a proposed 2-for-1 rights issue, with a maximum of approximately 713 million shares to be issued, representing approximately 33.33% of the enlarged share capital, at a rights issue price of HK$0.15 per share, a discount of approximately 41.18% from the closing price of HK$0.255 per share on July 16, raising a maximum of approximately 107 million Hong Kong dollars, with a net amount of approximately 105 million Hong Kong dollars, intended for the purchase of memory storage components and enterprise rack servers inventory, as well as general operating funds for the group. In addition, the company plans to change the trading unit size from 2000 shares per lot to 10,000 shares per lot, effective from August 27.