HK Stock Market Move | ITC Properties (00199) resumed trading and rose more than 5%, issuing shares to Hong Kong legislators such as Wu Jiezhuang to expedite the implementation of the RWA strategy.

ITC PROPERTIES (00199) resumed trading this morning and rose by over 5%, with a gain of 5.63% at the time of writing to 1.5 HKD, with a trading volume of 11.3873 million HKD. On the news front, on the evening of January 20th, ITC PROPERTIES announced that they will be issuing new shares to Dr. Wu Jiezhuang, a member of the Legislative Council, and to strategic shareholder Reynold Lemkins. The price of the new shares is 1.14 HKD per share, with a premium of 62.86% compared to the last issuance price. The exercise price of the warrants is 1.704 HKD per share, with a premium of 20% over the previous closing price. After the delivery of the new shares and the exercise of the warrants, Reynold Lemkins will increase its investment by 470 million HKD to raise its ownership to 30.90%, reaching the threshold for a mandatory takeover offer. The announcement states that the new shares will have a lock-up period of 12 months, and the proceeds will be used to accelerate the implementation of the RWA digital asset strategic upgrade and related investments and acquisitions.