On June 17, Lonpan Technology fell 5.29% in regular trading, trading at HK$13.59/share, with turnover of HK$72.57 million. The decline was triggered by the company's announcement of a share placement agreement at a significant discount to market price.

According to the announcement, Lonpan Technology entered into a placement agreement on June 16 to issue up to 15 million new H-shares at HK$13.09 per placement share, representing a discount of approximately 8.91% to the closing price of HK$14.37. The placement is expected to raise net proceeds of approximately HK$194 million, with about 58.69% allocated to general working capital for the Jintan project and about 41.31% to partially repay a RMB 130 million Minsheng Bank Nanjing branch loan maturing in August. The discounted placement directly dilutes existing shareholder equity, compounding pressure from a recently disclosed RMB 28.61 million back-tax and late-fee payment by a controlled subsidiary that will be recognized in current-period profit and loss.

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