HK Stock Market Move | BRAINAURORA-B (06681) opens more than 6% lower, planning to offer a discount of about 12% for the rights issue, with a net fundraising of approximately HK$501 million through a combination of old and new share placement.

BRAINAURORA-B (06681) opened more than 6% lower, as of the time of writing, it had fallen by 6.28% to 5.97 Hong Kong dollars, with a turnover of 5.19 billion Hong Kong dollars. On the news front, BrainAurora announced that it plans to issue 92 million shares in a rights issue, representing approximately 6.77% of the enlarged share capital. The issue price per share is 5.6 Hong Kong dollars, a discount of approximately 12.09% compared to the closing price of 6.37 Hong Kong dollars on January 22. The fundraising amount is 5.15 billion Hong Kong dollars. The net proceeds are expected to be approximately 5.01 billion Hong Kong dollars, with around 50% to be used for research and development projects, around 30% for domestic and international market development, around 10% for strategic investments and acquisitions, and around 10% for general corporate operating expenses.