HK Stock Market Move | Ocean Group (01991) once surged nearly 75%, planning to issue new shares at a premium of about 90% to raise a net amount of approximately HK$34.39 million.

The Ocean Group (01991) surged nearly 75% in early trading, and as of the time of writing, it rose by 39.68% to HK$0.88, with a turnover of HK$1.3372 million. On the news front, The Ocean Group announced that on July 3, the company intends to issue a total of 28.66 million shares to subscribers (Liu Dewei, Liu Binghan, Xie Hao, Hu Jiong, Lin Yuan), equivalent to approximately 16.66% of the company's issued shares after the issuance of the subscription shares and the share subscription. The subscription price for each subscription share is HK$1.20, representing a premium of approximately 90.48% over the closing price of HK$0.630 per share on July 3. The net proceeds are expected to be approximately HK$34.39 million. The net proceeds are intended for the group's general operating capital to support the further development of the group's business, including but not limited to its digital marketing business.