Longhui Intl (01007) plummeted in mid-trading, with the stock price falling more than 80% and giving up all its gains since early April. As of the press deadline, the stock has fallen 75%, closing at HKD 0.88, with a turnover of HKD 12.738 million.
According to an update on the Zhitong Finance APP, Longhui Intl (01007) plummeted during mid-trading, with stock prices falling more than 80% and giving up all its gains since early April. As of the press deadline, the stock has fallen 75%, closing at HKD 0.88, with a turnover of HKD 12.738 million.
According to news, Longhui Intl Holdings announced that it has signed a memorandum of understanding with independent third-party company, Frontium Labs Sdn. Bhd. The two parties will cooperate on the development and operation of chipsets and software for the dining business to promote the Group's business, and the Group will provide the partner with access to all chipsets and software data as well as control rights. The company also agrees to provide resources and data to the collaboration for development and testing purposes.
It is worth noting that the company previously allocated up to 63.22 million shares for issuance, with an estimated net amount of approximately HKD 28.8 million. The company plans to use the net proceeds from the share placement of HKD 25.9 million to repay the group's debt and interest expenses, and HKD 2.9 million for the group's general operating capital.