HK Stock Market Move | ITC PROPERTIES (00199) resumed trading and surged over 70%. The company plans to issue rights shares at a discount to Ray Kai Group in order to integrate into the Web3.0 ecosystem and achieve business transformation.

ITC PROPERTIES (00199) resumed trading and soared more than 70%, with the latest increase of 72.62%, closing at 1.45 Hong Kong dollars, with a turnover of 14.903 million Hong Kong dollars. On the news front, ITC PROPERTIES announced the issuance of 100.8 million shares to Reka Group, owned by Liu Haoran, at a subscription price of 0.7 Hong Kong dollars per share, a discount of about 16.67% compared to the previous day's closing price of 0.84 Hong Kong dollars per share. The subscribed shares are subject to a lock-up period of 12 months, and ITC PROPERTIES has invited Liu Haoran to be appointed as an executive director after completion. According to the announcement, the net proceeds of the placement amount to approximately 68.76 million Hong Kong dollars, which the company plans to use for strategic transformation and upgrading of its traditional real estate business through integration into the Web3 ecosystem; investment in strategic projects and resources that are beneficial to the development of core business and optimization of the capital structure; expansion of strategic partnerships and regional market coverage; as well as general working capital.