Xinyi Glass fell 6% by placing news drag

Xinyi Glass, which has risen nearly three times times since February, has fallen markedly this morning following the placing of news, with shares now down 6.05% to HK $5.9 and 174 million shares. Market news means that, after the close of yesterday, the Lutheran and its major shareholders put 90 million new shares and 50 million old shares on the basis of a 5.8-HK $6.2 trial plate, respectively, with a share price discount of up to 7.6%, listed companies raising up to HK $558 million and large shareholders of HK $310 million. The allotment plan is used to repay debt and replenish operating capital, including financing future development of transparent conductive oxide coated glass and solar-related products. Only market comments suggest that, given the recent market buzz about a strong recovery in the mainland's auto industry and the concept of renewable energy, the stock's decline has been driven or weak.