HK Stock Market Move | CAPITAL REALM (00204) surges more than 47%, completes placement of 173 million shares, intending to rename as "Profit International Holdings Limited"

CAPITAL REALM (00204) surged more than 47%, reaching a gain of 45.75% at the time of writing, at 0.35 Hong Kong dollars, with a trading volume of 6.1397 million Hong Kong dollars. On the announcement front, CAPITAL REALM issued a statement stating that as of the announcement date, all preconditions have been met, and the completion is expected to take place on November 14, 2024. A total of 173 million shares have been successfully placed at a price of 0.237 Hong Kong dollars per share to no less than six underwriters, representing approximately 16.67% of the enlarged issued share capital of the company after the completion. After deducting placement commissions and other related expenses, the net proceeds from the placement amount to approximately 39.8 million Hong Kong dollars. The company plans to use the net proceeds from the placement for the following purposes: around 5 million Hong Kong dollars or 12.56% of the net proceeds to repay some of the group's existing debt; approximately 4.8 million Hong Kong dollars or 12.06% of the net proceeds for general operating expenses of the group; and about 30 million Hong Kong dollars or 75.38% of the net proceeds for any investment opportunities in businesses that the group may discover from time to time. Additionally, the board of directors proposes to change the company's English name from "CAPITAL REALM FINANCIAL HOLDINGS GROUP LIMITED" to "ALLIANCE INTERNATIONAL HOLDINGS LIMITED", and to change the company's Chinese name from "CAPITAL REALM" to "".