HK Stock Market Move | WESTCHINACEMENT (02233) falls by nearly 10% again, planning to issue 300 million US dollars of preferred notes to repurchase 2026 notes.

WESTCHINACEMENT (02233) fell nearly 10% again, with a cumulative drop of over 22% in the month. As of the time of writing, it fell by 8.81% to HK$2.9, with a turnover of HK$317 million. On the news front, WESTCHINACEMENT announced the issuance of a total principal amount of US$300 million 10.5% senior notes due 2029, with the net proceeds intended to be used along with existing cash on hand to repay the company's existing debts, including repurchasing, redeeming, or repaying the 4.95% senior notes due 2026 through a tender offer or redemption, and for general corporate purposes. The 2026 notes were issued on July 8, 2021, with a total principal amount of US$200 million.