XTEP INT'L, a leading sportswear company in China, saw its shares plummet 5.60% on Monday during the intraday trading session.
The stock price decline came after the company announced a proposed financing plan involving the issuance of HK$500 million 1.5% convertible bonds due 2026 and the placement of 90.9 million new shares at a price of HK$5.50 per share.
The dilutive effect of the proposed financing plan, which could potentially reduce existing shareholders' stakes, is believed to be the primary reason behind the stock's plunge. Investors often view such financing activities as negative signals, leading to selling pressure on the company's shares.
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