HK Stock Market Move | Company FAR INTL (02516) rose nearly 65% during trading hours, planning to raise 69.62 million Hong Kong dollars through a 10% discount on stock rights issue, and actively enhancing overseas deployment.

FAR INTL (02516) rose nearly 65% during the trading session, as of the time of publication, it had risen 35.29% to HK$0.69 with a trading volume of HK$8.9279 million. On the news front, FAR INTL announced a private placement of up to approximately 156 million shares, representing about 16.67% of the expanded share capital, at a price of HK$0.455 per share, a discount of approximately 10.78% to the closing price of HK$0.51 on November 12. The net proceeds of approximately HK$69.62 million will be used, with no less than about HK$60 million, to strengthen the existing logistics business development, and the remaining funds for general operating expenses. Research report released by Softbank China earlier mentioned that FAR INTL is a well-known cross-border e-commerce logistics service provider in China, mainly providing end-to-end cross-border delivery services, freight forwarding services, and other logistics services. The firm pointed out that the subsidiary Hangzhou FAR INTL Logistics Co., Ltd. has successfully joined the Amazon Service Provider Network to provide cross-border logistics services to sellers on the Amazon platform. The company is actively strengthening its overseas layout, with the mergers and acquisitions in Hong Kong and the US helping to accelerate the construction of an international logistics supply chain node network.