HK Stock Market Move | CONCORD HC GP (02453) plummets more than 10% as controlling shareholder reduces their stake by 4.46%; Company recently completes discounted rights issue.

CONCORD HC GP (02453) plunged more than 10% by the time of this report, dropping by 10.27% to 5.68 Hong Kong dollars, with a trading volume of 56.04 million Hong Kong dollars. On the news front, CONCORD HC GP announced that its controlling shareholder, Beijing Taihe Cheng, sold 32.8 million H shares of the company through block trading on June 20, 2025, at a price of 6.12 Hong Kong dollars per share, representing approximately 4.46% of the total number of issued shares. The board of directors expects that this reduction will not have an adverse impact on the company's operations. Furthermore, CONCORD HC GP announced that it completed the placement of 18.6 million shares on June 4, raising around 93.94 million Hong Kong dollars net. The funds are intended to be used for purchasing medical equipment, consumables, and drugs for the company's medical institutions; repaying loans provided by financial institutions to the company and its subsidiaries, including but not limited to principal and interest on working capital loans, principal and interest on fixed asset loans, and financing lease liabilities; as well as supplementing the working capital of the company and its subsidiaries for general corporate purposes.