SYNAGISTICS (02562) tumbled more than 17% during early trading, hitting a record low of HKD 8.9. At the time of writing, the stock was down 16.25% at HKD 9.12, with a turnover of HKD 152 million.

The company announced that its subsidiary intends to issue USD 35 million in convertible bonds, with an initial conversion price of HKD 11.96—a 7.7% premium over the previous closing price of HKD 11.11. Net proceeds of approximately HKD 260 million will be allocated toward investments in gold, gold-backed, and gold-related products.

SYNAGISTICS, a Singapore-based company, operates as an e-commerce solutions platform under Alibaba's Southeast Asian ecosystem. Notably, the firm recently disclosed plans to acquire a Chinese SaaS provider specializing in omnichannel digital commerce, smart retail, and supply chain solutions, holding a significant position in China's SaaS market. Market speculation had previously pointed to potential targets such as Shangyue Technology or Jushuitan, with the latter having listed on the Hong Kong stock market on October 21, 2025.