The stock price of Pagoda Industrial Group, China's largest fruit retailer, increased after the company announced a private placement of shares to raise nearly HKD325 million (US$42 million), which will be used to cover liabilities. Shares rose as much as 33 per cent during the day before closing 20.7 per cent higher at HKD1.75 (US$0.23). This gave the Shenzhen-based company a market capitalization of about HKD2.7 billion (US$347.5 million). Pagoda said it will issue 279.4 million shares to at least six investors at HKD1.17 per share, representing about 15.4 per cent of its enlarged share capital. In 2024, Pagoda recorded a net loss of CNY386 million (US$54.26 million), compared with a CNY362 million (US$50.9 million) profit in 2023.