HK Stock Market Move | CHINA IN-TECH (00464) Soars Over 50%, Plans to Discount About 20% of Shares for Sale, Netting Approximately HK$1.03 Billion

CHINA IN-TECH (00464) surged over 50%, as of the time of writing, rising 47.32% to HK$1.65, with a turnover of HK$181.719 million. On the news front, CHINA IN-TECH announced a plan to issue 117 million shares, representing approximately 15.48% of the enlarged share capital. The issue price is HK$0.9 per share, a discount of approximately 19.64% from the closing price of HK$1.12 on November 6. The net proceeds of approximately HK$102.9 million will be used for business development, repayment of loans, and general working capital. It is reported that CHINA IN-TECH is mainly engaged in the design, manufacturing, and sales of electronic hairdressing products, as well as providing information technology system platform development services in China. Approximately HK$100 million of the proceeds will be used for business development, repayment of loans, and general working capital. The issuance is carried out in accordance with the general authorization granted by the shareholders' meeting.