Core Viewpoint - The significant financing decision by Ørsted has triggered a sharp decline in its stock price, dropping over 30% in both Frankfurt and London exchanges due to the unexpected capital raise of 60 billion Danish kroner (approximately 67.3 billion RMB) [3][5]. Group 1: Company Overview - Ørsted is headquartered in Denmark and employs around 8,300 people, primarily focusing on the development, construction, and operation of offshore and onshore wind farms, solar power plants, energy storage facilities, and bioenergy plants [4]. - The company's projected revenue for 2024 is 71 billion Danish kroner (approximately 79.6 billion RMB) [4]. Group 2: Financing Details - Ørsted announced a rights issue to raise 60 billion Danish kroner (approximately 7 billion GBP) to strengthen its financial position amid challenges in its UK and US projects [5]. - The rights issue will be fully underwritten by Morgan Stanley, with existing shareholders having the right to subscribe to their proportional share of the new capital. The Danish government, as a major shareholder, has committed to subscribing to 50.1% of the new shares [5]. Group 3: Use of Funds and Project Challenges - The funds raised will support Ørsted's offshore wind investment portfolio, including projects in Europe, North America, and the Asia-Pacific region [6]. - Ørsted recently halted the Hornsea 4 offshore wind project due to rising costs and delays, which is one of the largest offshore wind farms under development globally, with a capacity of 2.4 GW. The termination of this project is expected to incur costs between 3.5 billion and 4.5 billion Danish kroner (approximately 3.825 billion to 4.918 billion RMB) [6]. Group 4: Market Conditions and Performance - Ørsted faces regulatory uncertainties and changing political support in the US, particularly after former President Trump halted the company's equity sale plan for the Sunrise Wind project in New York [7]. - The company reported an EBITDA of 15.5 billion Danish kroner (approximately 17.4 billion RMB) for the first half of the year, up from 14.1 billion Danish kroner in the same period last year. However, it downgraded the outlook for its offshore wind division from "high" to "neutral" due to slower market growth and uncertainties [7][8].