股价放量大跌14%，只因新濠国际发展低价供股？

Core Viewpoint - The stock price of Melco International Development (00200.HK) experienced a significant drop, falling over 18% intraday and closing down 13.68%, reaching a new low in over a decade due to a rights issue announcement aimed at raising capital [1][2]. Group 1: Rights Issue Details - Melco International Development announced a rights issue to raise up to approximately HKD 780 million, offering one new share for every two shares held at a price of HKD 1.0286, representing a discount of about 72.93% from the closing price on April 25 [2]. - The chairman and CEO, Ho Yau Lung, who holds approximately 61.44% of the shares, has committed to accept at least 413 million shares in the proposed rights issue, potentially increasing his stake to 69.69% if other shareholders do not participate [2]. Group 2: Financial Health and Debt Levels - As of the end of 2024, Melco International Development reported total assets of approximately HKD 84.75 billion and outstanding interest-bearing borrowings of about HKD 60.69 billion, resulting in a capital-to-debt ratio of 71.6%, a significant increase from 42.4% in June 2019 [3]. - The company has outstanding borrowings of approximately HKD 5.11 billion related to a USD 1 billion secured credit facility established in June 2021, with a portion of this debt due in June 2026 [3]. Group 3: Use of Proceeds from Rights Issue - The company anticipates that 50%-60% of the net proceeds from the rights issue will be used to repay part of the principal of the outstanding credit facility, while the remaining 40%-50% will primarily cover interest payments on the same facility [4]. Group 4: Performance and Market Reaction - Despite a recovery trend in revenue since 2020, Melco International Development has reported continuous net losses, with a projected loss of HKD 785 million for 2024 [5]. - High financing costs have contributed to the ongoing losses, leading to several years without dividend payouts, which has negatively impacted the stock price, resulting in a downward trend in recent years [6].