On June 23, MMG Limited fell 3.02% in regular trading, trading at HK$8.0, with turnover of HK$31.67 million. The stock has now fallen well below the HK$8.88 per share placement price for multiple consecutive sessions.

On the news front, MMG completed the placement of approximately 706 million new shares on June 18 at HK$8.88 per share, representing a discount of approximately 8.8% to the pre-deal closing price. Simultaneously, the company issued US$800 million in zero-coupon convertible bonds due 2027, with the two transactions raising a combined net total of approximately HK$12.623 billion. The proceeds are earmarked for refinancing existing loans, supporting project development and expansion, strategic acquisitions, and working capital.

Following completion, total issued shares expanded from approximately 12.14 billion to 12.846 billion, with the equity dilution effect compounding market absorption pressure. Jefferies maintained a Hold rating with a HK$10 target price, noting that while short-term share price pressure is expected, the fundraising is positive for mid-to-long-term growth and strategic positioning given the hybrid structure lowers the company's weighted average cost of capital while preserving full leverage to copper prices.

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