JINHAI MED-NEW (02225) fell over 36% during trading, having plunged over 65% at one point in early trading. As of press time, the stock was down 36.11% to HK$1.15, with turnover reaching HK$161 million.

On the news front, JINHAI MED-NEW recently announced that the company, as issuer, has entered into three subscription agreements with three subscribers for the subscription of a total of 120 million subscription shares at a subscription price of HK$1.35 per share. Each subscriber is an independent private investor.

The subscription price of HK$1.35 per share represents a discount of approximately 17.68% to the closing price of HK$1.64 per share as quoted on the Stock Exchange on the date of the subscription agreements. The net proceeds from the subscription (after deducting all applicable costs and expenses) will be approximately HK$160 million, while the net issue price will be approximately HK$1.34 per subscription share.

According to the announcement, the group intends to use the proceeds from the subscription for funding potential mergers and acquisitions of healthcare-related projects and/or companies and investments in healthcare-related industries; research and development expenses; and general working capital.