UNISOUND's stock price fell sharply by 5.13% during intraday trading on Thursday, following the company's announcement of a significant equity fundraising.

The decline comes after Unisound AI Technology Co., Ltd. announced a placing agreement to issue 1.70 million new H-shares at HK$228.00 each. The placing price represents a substantial 19.89% discount to the closing price on the previous trading day, which typically exerts downward pressure on the existing share price due to dilution and the discounted entry point for new investors.

The company aims to raise gross proceeds of approximately HK$387.60 million, with the funds earmarked for research and development of its next-generation AI model, construction of global operations, and sales promotion. The dilutive nature of the offering and the steep discount are the primary factors behind the stock's negative movement in the session.