HK Stock Market Move | Jiangsu Lopal Tech. (02465) opened nearly 5% higher. Affiliate LBM New Energy (AP) Pte. Ltd. plans to issue $200 million in subscription shares.

Jiangsu Lopal Tech. (02465) opened nearly 5% higher, rising by 4.84% as of the time of drafting, reaching 4.98 Hong Kong dollars, with a transaction volume of 356,100 Hong Kong dollars. On the news front, Jiangsu Lopal Tech. has announced that on December 20, 2024, the company, target company LBM New Energy (AP) Pte. Ltd., existing shareholders, and investors have entered into a subscription agreement. According to this, INA and Aisis have conditionally agreed to subscribe, and the target company has conditionally agreed to issue and distribute subscription shares to INA and Aisis, representing approximately 34.01% and 11.34% of the enlarged share capital of the target company after completion, with subscription prices of 150 million US dollars and 50 million US dollars respectively. It is reported that the target company is mainly engaged in investment, asset management, and import-export trade. The funds obtained from investors' subscription for subscription shares will be used for the capital and operating expenses of developing the second phase factory in Indonesia, the operating expenses of the first phase factory in Indonesia in the normal course of business, and/or the operating expenses of the target company in the normal course of business. The directors believe that the subscription matter will strengthen the group's overall strength in the research and development, market expansion, and mass production of lithium iron phosphate cathode materials in the industry. The subscription matter will also enhance the group's international position and comprehensive competitive advantage, further enhancing the group's brand value and profit potential.