WESTCHINACEMENT (02233) fell nearly 10% again, bringing its cumulative decline for the month to over 22%. As of the time of writing, the stock was down 8.81%, trading at HK$2.90 with a turnover of HK$317 million. The decline follows the company's announcement of a plan to issue US$300 million in 10.5% priority notes maturing in 2029. The net proceeds from the issuance, together with existing cash, are intended to be used for repaying the company's current debts. This includes the repurchase, redemption, or repayment of the 4.95% priority notes maturing in 2026, either through a concurrent tender offer or via redemption, and for general working capital purposes. The 2026 notes were originally issued on July 8, 2021, with a total principal amount of US$200 million.