On June 22, MMG Limited fell 3.39% in regular trading, trading at HK$7.98 per share, with turnover of approximately HK$99.06 million. The stock has now declined below the placement price of HK$8.88 per share.

The decline follows the completion of a share placement on June 18, in which the company issued approximately 706 million new shares at HK$8.88 each, representing a discount of approximately 8.8% to the pre-announcement closing price of HK$9.74. The placement expanded total issued shares from approximately 12.14 billion to 12.85 billion, a dilution of roughly 5.5%. Concurrently, the company issued US$800 million in zero-coupon convertible bonds due 2027 with an initial conversion price of HK$10.21. The combined net proceeds of approximately HK$126.23 billion are earmarked for loan refinancing, project expansion, strategic acquisitions, and working capital.

Jefferies maintained a Hold rating with a HK$10 target price, noting that the hybrid funding structure lowers the company's weighted average cost of capital while preserving full leverage to copper prices, viewing the fundraising as positive for medium-to-long-term growth despite near-term share price pressure.

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