Proposed discounted rights issue, technology stocks fall more than 10%

In the afternoon of May 12, Converge Technology continued to decline. As of 13:40, Converge Technology was trading at 21.66 Hong Kong dollars per share, down 10.86%. Converge Technology announced on the same day that on May 11, the company entered into an agreement with placement agents. The company plans to issue 138 million new shares to at least six underwriters at a placement price of 21.00 Hong Kong dollars per share, representing a discount of approximately 13.58% from the closing price of 24.30 Hong Kong dollars per share on May 11.