$HSC RESOURCES (01850.HK)$ It might be the worst (>_<) Accor...

It might be the worst (>_<)

According to documents submitted to the Hong Kong Stock Exchange on Wednesday, HSC Resource Group (HKG:1850) plans to issue up to 28.8 million shares under a placement contract to investors of six or more.
Shares of the fire safety company will be sold at HK$0.56 per share. The net proceeds from the planned issuance of shares is approximately HK$15.5 million and it is stated that it will be used for repayment of loans to banks and other financial institutions, settlement of external debts, and provision of funds for general business capital.

Stocks surged 13% during Thursday afternoon trading.

Placement agreement.

"Placement" refers to the process of incorporating money obtained through criminal activities (criminal proceeds) into the flow of the financial system and legitimate business transactions. For example, it refers to the method of depositing cash, which is criminal proceeds, into a bank account under a false or fictitious name.