ZENERGY (03677) has seen its shares drop over 7%, currently down 7.05% at HK$11.08 with a trading volume of HK$22.44 million. The company announced a plan to place 45.921 million shares at a price of HK$10.98 each, representing a discount of approximately 7.89% from the previous closing price. The net proceeds are expected to be around HK$500 million, with about 70% allocated to support the construction, equipment procurement, and preparation costs associated with the second phase of the new production facility in Changshu. Approximately 10% will be directed towards the construction of a pilot line for all-solid-state batteries, 10% for research and development activities, and 10% for working capital and general corporate purposes. Notably, Cao Dewang, the chairman of Fuyao Glass, has resigned, with his son Cao Hui taking over. It is reported that ZENERGY was established and is controlled by two former deputy general managers of Fuyao Glass, Cao Fang and Chen Jicheng. Cao Fang is also the sister of Fuyao Glass founder and chairman Cao Dewang, and Fuyao Glass is the largest supplier of automotive glass globally, boasting an extensive client base among leading manufacturers.