SF HOLDING, ZA ONLINE, and several other Hong Kong stocks recently announced placements

Hong Kong stock placement refers to the act of a listed company issuing new shares or selling old shares to specific investors to raise funds without the need for additional approval from the shareholders' meeting. The rules for Hong Kong stock placements are relatively flexible, allowing for "lightning placements," which can be completed in as little as 24 hours. In addition to ordinary placements, there are also discounted placements and "old shares first, new shares later" methods. The "old shares first, new shares later" model allows major shareholders to first transfer old shares and then issue new shares to make up the difference, further accelerating the speed of capital availability. Recently, several Hong Kong stocks have announced placements, possibly driven by factors such as improved market conditions, industry leaders tightening cash reserves, and global asset rebalancing.

On June 25, market news indicated that SF HOLDING plans to raise up to HKD 4.4 billion through placements and the issuance of convertible bonds. It is reported that SF plans to issue 42 million H shares at a price of HKD 42.05-43.45 per share, which represents a discount of 6%-9% compared to the closing price of HKD 46.20 on Wednesday; it plans to issue convertible bonds maturing on July 8, 2026, denominated in Hong Kong dollars, raising HKD 2.55 billion. The bonds are zero-coupon bonds, with the conversion price being 9% to 19% higher than the placement price, and a lock-up period of 90 days. The proceeds will be used to strengthen international and cross-border logistics capabilities, research and development of advanced technologies and digital solutions, optimize capital structure, and for general corporate purposes.

INNOVENT BIO (01801.HK) announced that on June 26, 2025 (before trading hours), the company entered into a placement agreement with joint placement agents (namely Morgan Stanley and Goldman Sachs), under which the company agrees to appoint the joint placement agents, and the joint placement agents agree to act as placement agents to facilitate the subscribers (otherwise on their own) to purchase 55 million placement shares at the placement price.

On the morning of June 26, ZA ONLINE announced on the Hong Kong Stock Exchange that the company plans to place new H shares under general authorization, with a placement price of HKD 18.25 per share, and the total amount expected to be approximately HKD 3.924 billion. ZA ONLINE stated that the net proceeds from the placement will be used to replenish the company's capital, support the company's investment in innovation in the fintech sector, and for general corporate purposes.

HIGHTIDE-B (02511) announced that on June 26, 2025, the company entered into a placement agreement with the placement agent, under the terms of the placement agreement and within the conditions specified in the placement agreement, the company agrees to issue placement shares, and the placement agent has separately agreed to act as the company's agent, on a best-efforts basis, to facilitate the subscription of up to 60 million placement shares by no fewer than six independent subscribers, with a placement price of HKD 2.21 per placement share