Hong Kong stocks are | Li Ning (02331) fell more than 4% in recent placements to raise more than HK$10 billion Citi said the size of the rights issue was a surprise

Zhitong Finance APP learned that Li Ning (02331) fell more than 4% in early trading, and as of press time, fell 4.28% to 82.8 Hong Kong dollars, with a turnover of 905 million Hong Kong dollars.

On the news side, Li Ning's major shareholders placed 120 million shares in a first-come-first-new manner, accounting for 4.59% of Li Ning's expanded share capital, and the net proceeds were about HK$10.43 billion. Citi issued a report saying that it was surprised by the scale and timing of Li Ning's rights issue. Citi said that Li Ning accelerated its expansion in new categories such as sports fashion and outdoor apparel by accelerating the opening of large new stores and potential huge mergers and acquisitions, and the bank continued to be bullish on Li Ning, giving a "buy" rating.