Summary by Moomoo AI
Kangfang Biotechnology (Cayman) Limited (“Kangfang Biotech”) announced on 21 March 2024 that it has entered into a distribution agreement with its distribution agents Morgan Stanley Asia Limited and CITIC Lion Securities Limited, conditionally agreeing to sell 24,800,000 new shares at a price of HK$47.65 per share. The share price represents a decrease of approximately 6.02% from the closing price of HK$50.70 on March 20 and a decrease of approximately 6.81% from the average closing price of HK$51.13 over the previous five trading days. The allotment represents approximately 2.95% of the Company's existing issued share capital and approximately 2.86% of the extended issued share capital after the distribution. Assuming total subscriptions for the distribution of shares, the Company will raise approximately HK$1,181.72 million, net of approximately HK$1,170.18 million...Show More