Shares of Innovent Biologics Inc. (HKG:1801) plummeted 13.45% on Monday after the company announced that its unit Fortvita Biologics agreed to issue and sell new shares, diluting Innovent's stake in the unit.
According to a filing on the Hong Kong stock exchange, Fortvita Biologics will issue and sell 12,808,337 new series pre-A preferred shares to affiliate Lostrancos Ventures for $20.5 million. Following the completion of this share issue, Innovent Biologics' equity interest in Fortvita Biologics will be reduced to 80% from 100% previously.
The significant dilution of Innovent's stake in its unit raised concerns among investors about the potential impact on the company's control and earnings from Fortvita Biologics. This negative development likely triggered the sharp sell-off in Innovent Bio's stock on Monday.
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