Hong Kong stock research
Separate money raised by the company from cash received by selling shareholders. Trace allocations, connected parties and the conditions governing public shareholders’ returns.
Separate old shares from new capital
A shareholder sale provides liquidity to the seller. A new-share subscription provides capital to the issuer. A top-up placement contains both; follow the cash for each leg separately.
Trace ownership and counterparties
Read announcements, ownership changes and offering allocations to identify named sellers and connected parties. Trading-channel totals do not identify the final buyer or prove a complete investment return.
Test capital use and exit risk
Compare stated use of proceeds with operating disclosures, investments and related-party arrangements. Assess suspension and liquidity risk separately from accounting value and dividend plans.