HK Stock Market Move | TIME INTERCON (01729) rose more than 6% in the afternoon, with the company completing a rights issue raising over HK$1.6 billion net. Full year performance is expected to exceed expectations.

TIME INTERCON (01729) rose over 6% in the afternoon, rising by 5.49% to 17.88 Hong Kong dollars as of the time of writing, with a turnover of 347 million Hong Kong dollars. According to the news, TIME INTERCON announced the completion of the placement of 1.08 billion shares of placement shares, with a net proceeds of approximately 1.635 billion Hong Kong dollars. About 50% of the funds will be used to support the group's strategic investments and acquisitions; about 30% will be used to develop global business and expand overseas business; and about 20% will be used for working capital and general corporate purposes to support the group's business operations and growth. It is worth noting that the company previously released positive earnings expectations, forecasting a 60%-70% year-on-year increase in net profit to 720-770 million Hong Kong dollars in 2025. CMSC stated that the revenue growth was mainly driven by an increase in sales orders in the data center and server divisions of the wire components division, driving an increase in group revenue. The better-than-expected performance was mainly due to the strong growth in server business revenue driven by demand for domestic servers from companies like Alibaba and Byte in 2025, as well as the favorable integration effect of Lenny in the second half of the year leading to increased profitability.