HK Stock Market Move | WANKA ONLINE (01762) opened nearly 15% higher, planning to issue up to 300 million shares for private placement. The net proceeds from the placement will be used for research and development of AI application technologies, etc.

WANKA ONLINE (01762) opened nearly 15% higher. As of the time of this report, it has risen by 14.81% to HK$0.248, with a trading volume of HK$271,800. In terms of news, WANKA ONLINE announced that on February 24, 2025, the company plans to sell up to 300 million shares, equivalent to approximately 16.43% of the enlarged issued share capital after the issuance of all the shares. The sale price is HK$0.177 per share. The total maximum amount raised from the sale will be HK$53.1 million. The net proceeds from the sale are expected to be approximately HK$52.83 million. The company plans to use 60% of the net proceeds for research and development of various artificial intelligence applications, 30% for overseas business development, and 10% for group operating funds.