HK Stock Market Move | CONGYU INT AGR(00875) rose by more than 40%. The company plans to raise approximately HK$25.9 million through the sale of shares to expand its presence in the low-altitude economy.

CONGYU INTE AGR (00875) surged by more than 40%, as of the time of writing, it rose by 44.12% to HKD 0.49, with a trading volume of HKD 12.472 million. On the news side, CONGYU INTE AGR recently announced that it intends to offer a 13.4% discount on up to 91.0217 million shares for sale, which would represent approximately 16.7% of the total number of issued shares after the full issuance and expansion of the share issue. Assuming all the shares offered for sale are successfully sold by the underwriters, the net proceeds from the sale are estimated to be approximately HKD 25.9 million. The announcement stated that the company plans to use approximately HKD 15 million of the net proceeds for loan repayment, approximately HKD 8 million for the development of an agricultural vertical e-commerce platform and agricultural aerial economy, and approximately HKD 2.9 million for general operational funds of the group.