CMOC's HK shares fall most in 6 weeks on convertible bonds issue

CMOC Group's Hong Kong shares fell 5.6% to HK$20.56, marking the largest one-day percentage decline since December 9. The stock also dropped to its lowest level since January 9. The company proposed issuing $1.2 billion in convertible bonds, which could dilute existing shares, raising concerns among investors. The proceeds will be used to expand and sustain capital for overseas mining and processing assets, as well as enhance working capital flexibility.