Haitong Securities maintained the buying rating of Jin Chaoyang (0878.HK) and lowered the target price of the stock from HK$23.20 to HK$22.80 to reflect the dilution impact of the allotment on its net asset value per share. Previously, the company stated that it would place 9 million new shares at a price of HK$12 million per share, with an income of HK$108 million. Haitong Securities said that the proceeds are intended to be used as general working capital to reduce Jin Chaoyang's net debt slightly by 4% to HK$2.8 billion, and the debt ratio by 1 percentage point to 45%. Haitong Securities said that the IPO was allegedly sold to an institutional investor. This partly reflects the growing interest in the stock as Jin Chaoyang's business conditions and asset quality continue to improve. Jin Chaoyang rose 7.14% throughout the day to close at HK$13.50.