Black Sesame International Holding's stock plummeted 5.32% in Wednesday's trading session, following the company's announcement of a discounted share sale.
The Chinese intelligent vehicle solutions provider plans to issue 53.65 million new shares to third-party investors at a price of HK$23.20 per share, representing an 11.8% discount to Tuesday's closing price of HK$26.30. The share sale is expected to raise HK$1.24 billion ($159.4 million), which the company intends to use for research and development, improving commercialization capabilities, and strategic investments.
The stock's decline aligns with the broader market trend, as the Hang Seng Commerce & Industry Index and the Information Technology Index both fell around 1% on Wednesday.
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