Shanghai Conant Optical to Raise HK$1.4 Billion via Discounted Share Placement

The latest announcement is out from Shanghai Conant Optical Co. Ltd. Class H ( (HK:2276) ).

Shanghai Conant Optical Co., Ltd., a PRC-incorporated optical company listed in Hong Kong, has launched a substantial share placement to institutional investors under its general mandate. The company has conditionally agreed to place 27,000,000 new H-shares at HK$52.00 per share through placing agents to at least six independent placees, representing approximately 5.63% of its existing issued share capital and about 5.33% of its enlarged share capital. The placing price reflects discounts of around 11.1% to the previous closing price and 14.38% and 7.80% to the five-day and twenty-day average closing prices respectively, positioning the deal as a discounted fundraising aimed at swift execution. Assuming full placement, the transaction is expected to raise gross proceeds of HK$1.404 billion and net proceeds of about HK$1.40 billion, modestly diluting existing shareholders while strengthening the company’s capital base, subject to final listing approval by the Stock Exchange’s Listing Committee.

The most recent analyst rating on (HK:2276) stock is a Hold with a HK$66.00 price target. To see the full list of analyst forecasts on Shanghai Conant Optical Co. Ltd. Class H stock, see the HK:2276 Stock Forecast page.

More about Shanghai Conant Optical Co. Ltd. Class H

Shanghai Conant Optical Co., Ltd. is a joint stock company incorporated in the People’s Republic of China and listed in Hong Kong, operating in the optical sector with a focus on eyewear-related products and services for both domestic and international markets.

Average Trading Volume: 1,998,468

Technical Sentiment Signal: Hold

Current Market Cap: HK$28.94B

For a thorough assessment of 2276 stock, go to TipRanks’ Stock Analysis page.