XXF Group (02473) saw a rebound of more than 17% during early trading. As of the time of writing, the stock price had risen by 12.86%, currently trading at HKD 0.79, with a turnover of HKD 365 million.

XXF Group recently announced that the company, the seller Pearl Capital Resources Limited, and the placing agent have entered into a placing and subscription agreement. Under this agreement, the seller intends to place approximately 155 million existing shares to no fewer than six placees through the placing agent at a placing price of HKD 0.82 per share, representing a discount of approximately 2.38% compared to the closing price of HKD 0.84 per share on the last trading day on the Stock Exchange. The company will issue the same number of new shares to the seller at HKD 0.82 per share, raising net proceeds of approximately HKD 126 million, which are intended to be used for further procurement of automobiles related to the group's main business and for related purposes.