Yu Hua Education (6169.HK)It fell more than 14% to HK $4.08, with a total market capitalization of HK $13.8 billion. Yuhua Education announced that it would place 220 million shares on an old-to-new basis, accounting for about 6.12 per cent of the enlarged share capital; the placing price per share was HK $4.19, a discount of 11.97 per cent to yesterday's closing price of HK $4.76; and HK $922 million was raised.

The company intends to use the net proceeds of HK $914 million for the transformation of the existing Kmur12 school into a higher vocational college (and preparing to upgrade higher vocational education to a vocational university in the future); Hunan Institute of Foreign Economics to open a new campus; three existing universities to increase investment in vocational undergraduate education.

(article source: Gronghui)