CONANT OPTICAL (02276) declined more than 4%. As of the time of writing, the stock fell 4.24% to HK$59.9, with a turnover of HK$56.7521 million. On the news front, CONANT OPTICAL recently announced plans to place 27 million shares at a price of HK$52 per share. This represents a discount of approximately 11.1% compared to the closing price of HK$58.5 per share on January 26. The net proceeds are expected to be around HK$1.4 billion. Following the completion of the placement, the total share capital is projected to increase from 480 million shares to 507 million shares. Huachuang Securities believes this placement is not due to tight cash flow but is likely a proactive and forward-looking move by the company to build reserves for capital expenditures and capacity expansion over the next 2-3 years. UBS stated that the long-term drivers for a valuation re-rating of CONANT OPTICAL remain solid. It is anticipated that the potential profit contribution from its XR business will become clearer in the coming quarters. Furthermore, the launch of new smart glasses products in both China and overseas markets is expected to provide ongoing catalysts for the company's share price.