HK Stock Market Move | CHINA IN-TECH (00464) surged more than 18% in the morning, planning to offer a discount of about 19.64% for the sale of up to 46 million shares.

China IN-TECH (00464) rose by over 18% in the morning session, with an increase of 18.64% as of the time of writing, reaching HK$0.35, with a trading volume of 1.4818 million Hong Kong dollars. On the news front, on January 21st, China IN-TECH announced that on January 20th, 2025 (after trading hours on the Stock Exchange), the company (as the issuer) entered into a placing agreement with the joint placing agents, under which the joint placing agents (on a best efforts basis) have conditionally agreed to place up to 46 million placing shares at a placing price of HK$0.225 per share, and will receive a placement commission equal to 3% of the total placing price. The placing price of HK$0.225 per share represents a discount of approximately 19.64% from the closing price of HK$0.28 per share on the Stock Exchange on the date of the placing agreement. The total proceeds from the placing will be HK$10.35 million. The net proceeds from the placing (after deducting other expenses related to the placing) will be approximately HK$10 million. The company plans to use the net proceeds for general working capital of the group.