STOCKS | Shandong Molong Places 25.68 Million Shares At 16.76% Discount

Shandong Molong placed 25.6784 million shares at HK$4.58 each, representing a discount of about 16.76% to the previous close and about 9.11% of its enlarged H share capital and 3.12% of total share capital, according to Ming Pao. The company expects net proceeds of about HK$115 million, with about 90% to be used to repay outstanding borrowings to optimize its financial structure and about 10% for working capital and general corporate purposes.