HK Stock Market Move | CANBRIDGE-B (01228) rose more than 4% in the afternoon. The company has completed the issuance of shares to its subsidiary WUXI BIO.

CANBRIDGE-B (01228) rose more than 4% in the afternoon, rising 4% to 2.6 Hong Kong dollars as of the time of publication, with a turnover of HK$1.5938 million. On the news front, Beihai Kangcheng has completed the issuance of a total of 84.0336 million subscribed shares. The company had previously announced a share placement to a subsidiary of WUXI BIO. After the placement, WUXI BIO's stake in Beihai Kangcheng will increase to approximately 16.27%. The announcement stated that the net proceeds from the share placement of approximately HK$199 million, with about 12% to be used for operational funds and registration maintenance of commercialized products; 28% for research and development expenses of existing product lines; and 60% for settling trade payables of the group.