Shares of Akeso, a leading integrated drug discovery platform company, plummeted by 5.35% on October 14, 2024, following the announcement of a HK$1.92 billion share placement.

According to a filing with the Hong Kong stock exchange, Akeso plans to issue 31.7 million new shares, representing approximately 3.53% of the company's enlarged issued share capital, to at least six independent third parties at a price of HK$61.28 per share. The placement is being facilitated by Morgan Stanley Asia as the placing agent.

The significant share issuance appears to have raised concerns among investors about potential dilution of existing shareholders' stake in the company. Additionally, some market participants may have reservations about the planned use of proceeds, with 70% earmarked for clinical development of core products, 20% for commercialization of existing products, and 10% for general corporate purposes.