Anta Sports Products Ltd. shares fell in early trade Tuesday, following its plans to raise capital of US$1.49 billion via a share placement.
The sports-product company’s shares fell as much as 9.0% to 99.05 Hong Kong dollars (US$12.62) in early trade. They were last 6.5% lower at HK$101.70.
In a release on Tuesday, Anta Sports said it will place an aggregate of 119 million shares at HK$99.18 each, which represents a discount of 8.8% to the last closing price of HK$108.80.
The placement represents approximately 4.4% of the total number of issued shares at the time of the announcement, it added.
The net proceeds from the subscription are expected to be around HK$11.73 billion (US$1.49 billion), after deducting all fees, costs and expenses incurred by vendors, the company added.
UBS, Morgan Stanley and Citi will act as placing agents for the issuance.