On June 24, Longpan Technology (02465.HK) fell 5.11% in regular trading, trading at HKD 12.47/share, with turnover of HKD 37.33 million. The stock continues to trade below the HKD 13.09 per share placement price completed on June 22.

The company recently completed the placement of 15 million new H shares at HKD 13.09 each, representing an approximately 8.91% discount to the pre-announcement closing price of HKD 14.37. Net proceeds of approximately HKD 194 million were raised, with 58.69% allocated to working capital for its Jintan project and 41.31% to partial loan repayment. Following the placement, total H shares increased from 120 million to 135 million, while the controlling shareholder's stake was diluted from 30.69% to 30.11%.

The discounted placement directly diluted existing shareholder equity. Additionally, the company's subsidiary was required to pay back taxes and late fees totaling RMB 28.61 million, which will be recognized in current period profit and loss. These multiple negative factors continue to weigh on the share price, which now trades approximately 5% below the placement price amid weak market sentiment.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)