Kangfang Biotech once fell more than 7%, issuing new shares and reducing holdings of existing shareholders.

After yesterday's 7% decline, Kangfang Biotech once again fell during trading today, dropping by more than 7% to 145.2 Hong Kong dollars at one point. In terms of news, Kangfang Biotech announced plans to issue 23.55 million new shares at a price of 149.54 Hong Kong dollars per share, a discount of 4.75% from yesterday's closing price, raising 3.522 billion Hong Kong dollars. 80% of the funds will be used for global and China's innovative research and development pipelines, platforms, and infrastructure, 10% for the commercialization of existing approved products, and 10% for general corporate purposes. In addition, Chairman, President, and CEO Xia Yu and Executive Director and Chief Scientific Officer Li Baiyong will each sell 1.5 million existing shares, a total of 3 million shares, accounting for 0.33% of the total issued shares, at a price of 149.54 Hong Kong dollars per share, raising 449 million Hong Kong dollars.