A 6.4% fall in Sinopec's (SNP +0.4%) Hong Kong share price overnight at least in part reflects...

A 6.4% fall in Sinopec's (SNP +0.4%) Hong Kong share price overnight at least in part reflects the need for clarity about what the company intends to do with funds raised in its HK$24B private placement. The move likely will help pay for it to acquire upstream assets from its parent, but the announcement says only that the proceeds are intended to be used for "general corporate purposes."