Core Viewpoint - Lao Pu Gold (06181) announced a plan to issue 3.71 million new H-shares at HKD 732.49 per share, raising approximately HKD 27.07 billion, with 70% allocated for inventory reserves [1] Group 1: Financial Performance - As of the latest report, Lao Pu Gold's stock price fell by nearly 4%, closing down 3.74% at HKD 669, with a trading volume of HKD 8.22 billion [1] - The company previously issued 4.31 million H-shares in May, raising about HKD 26.98 billion [1] Group 2: Strategic Insights - The company explained the need for inventory reserves due to the lengthy cycle from procurement to sales, which can take several months, especially in anticipation of the sales peak season [1] - Citigroup's report indicated that the recent share placement was expected by the market, with investors focusing on whether the capital raised would be sufficient [1] Group 3: Market Expectations - With same-store sales growth slowing and new store expansion decelerating, it is anticipated that free cash flow will turn positive by 2026 [1] - The company has implemented an average price increase of 25% on new products, which exceeded expectations, indicating strong sales performance [1] - It is expected that the company's gross margin will stabilize in the second half of the year following the price increases, with a recovery in gross margin anticipated next year based on current gold prices [1]
老铺黄金尾盘跌近4% 花旗称公司配股在预期内 产品加价25%超预期