Understanding the Market | ZENERGY fell over 8% again, dropping more than 25% in the past six trading days, recently announcing a placement to raise over HKD 500 million
ZENERGY fell over 9% again, with a cumulative drop of over 25% in the past six trading days. As of the time of writing, it dropped 7.96%, trading at HKD 9.02, with a transaction volume of HKD 62.7725 million. In terms of news, ZENERGY previously announced a plan to place 45.921 million shares at a placement price of HKD 10.98 per share, which is approximately a 7.89% discount to the closing price on October 16. The net proceeds are expected to be around HKD 500 million, of which about 70% will be used to support the construction, equipment purchase, and contingency funds related to the second phase of the new production plant in Changshu, about 10% will be used for the construction of the pilot line for all-solid-state batteries, about 10% will be used for research and development activities, and about 10% will be used for working capital and general corporate purposes. Notably, Fuyao Glass announced that founder Cao Dewang submitted a report resigning from the position of chairman, and the board has elected Cao Hui as the company's chairman. It is reported that ZENERGY was established and is controlled by two former deputy general managers of Fuyao Glass, Cao Fang and Chen Jicheng. Cao Fang is also the sister of Fuyao Glass founder and chairman Cao Dewang. Fuyao Glass, as the world's largest automotive glass supplier, has a vast resource of major customer relationships
According to Zhitong Finance APP, ZENERGY (03677) has fallen over 9% again, with a cumulative drop of over 25% in the past six trading days. As of the time of writing, it has dropped 7.96%, trading at HKD 9.02, with a transaction volume of HKD 62.7725 million.
In terms of news, ZENERGY previously announced a plan to place 45.921 million shares at a placement price of HKD 10.98 per share, which is approximately a 7.89% discount to the closing price on October 16. The net proceeds are expected to be around HKD 500 million, of which about 70% will be used to support the construction, equipment purchase, and preparation costs related to the second phase of the new production plant in Changshu, about 10% will be used for the construction of the all-solid-state battery pilot line, about 10% will be allocated for research and development activities, and about 10% will be used for working capital and general corporate purposes.
It is worth noting that Fuyao Glass announced that its founder, Cao Dewang, has submitted a report to resign from the position of chairman, and the board has elected Cao Hui as the company's chairman. It is reported that ZENERGY was established and is controlled by two former deputy general managers of Fuyao Glass, Cao Fang and Chen Jicheng. Cao Fang is also the younger sister of Fuyao Glass founder and chairman Cao Dewang. Fuyao Glass, as the world's largest automotive glass supplier, has a vast resource of original equipment manufacturer clients
