PACIFIC LEGEND (08547) dropped more than 15%, hitting HK$0.104 per share with a turnover of HK$1.6391 million by press time.

The decline follows the company's announcement on December 10 of a proposed placement of up to 98.5279 million new shares, representing approximately 16.67% of the enlarged share capital. The placement price is set at HK$0.118 per share, reflecting a 4.07% discount to the closing price of HK$0.123 on December 10.

The gross proceeds from the placement are expected to be around HK$11.6 million, with net proceeds estimated at HK$11.4 million. The board intends to allocate the entire net proceeds for the group's working capital requirements.