Summary by Futu AI
Fangdd Network announced a $5M senior convertible notes offering on March 14, 2025, with a 5% original issue discount and a nine-month term. The notes can be converted into Class A ordinary shares at a conversion price determined by either 130% of the lowest daily VWAP before closing or 90% of the lowest 10-day VWAP before conversion, with a $0.10 per share floor price.The notes rank senior to all existing debt and equity, sharing equal status with February 2025 notes. If conversion price falls below the floor price, the company will compensate holders for the economic difference. MM Global Securities serves as the exclusive placement agent for this offering, which is expected to close around March 14, 2025.The offering is conducted under the company's effective F-3 registration statement filed with SEC. Proceeds will be used for general corporate purposes. The notes carry no interest unless a default occurs, which would trigger a 15% annual rate.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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