HK Stock Market Move | JIANGSU HORIZON (02625) rose nearly 7% midday, the company plans to achieve more than 51% controlling stake in Hykeen, and increase its investment in Siasun Robot & Automation.

JIANGSU HORIZON (02625) rose nearly 7% during trading, as of the time of publication, it rose 4.81% to HK$6.32 with a turnover of HK$39.497 million. On the news side, JIANGSU HORIZON announced after trading on the 11th that it will sell a maximum of 21.4246 million new shares, equivalent to 9.09% of the enlarged share capital; the offering price is HK$2.9, a discount of 13.95% from the closing price on November 11th. The net proceeds from the placement amount to HK$58.65 million, intended to be used to invest in Haike Hongxin. The company issued a supplementary announcement on the 17th to further clarify the specific investment direction and strategic intent of the raised funds. So far this year, the company has invested RMB 25 million in Haike Hongxin, holding an 18% stake. The purpose of this capital increase is to accelerate the transformation and upgrading of the companys retail business towards intelligence and automation, and to support the research and commercialization of innovative products in coffee Siasun Robot & Automation, restaurant Siasun Robot & Automation, unmanned supermarket Siasun Robot & Automation, and humanoid Siasun Robot & Automation by Haike Hongxin. The company aims to achieve a controlling stake of over 51% in Haike Hongxin through this and possible future investments, and to consolidate it into its financial statements.