HK Stock Market Move | GOLDENPOWER (03919) doubled in the afternoon, planning to offer a 14.29% discount to private investors to raise HKD 7.78 million through share placement.

GOLDENPOWER (03919) saw its afternoon gains increase, soaring by 120% at one point before closing with an 85% increase at 2.59 Hong Kong dollars, with a trading volume of 4.5235 million Hong Kong dollars. On the news front, on the evening of May 6, GOLDENPOWER announced that the company plans to issue a total of 6.48 million shares to subscriber Gao Jianxing, equivalent to 20% of the company's existing issued share capital as of the announcement date; and approximately 16.7% of the issued share capital after the issuance of the subscribed shares. The subscription price for each share is 1.20 Hong Kong dollars, a discount of approximately 14.29% from the closing price of 1.40 Hong Kong dollars on May 6. The total and net proceeds from the subscription are expected to be approximately 7.78 million Hong Kong dollars and 7.70 million Hong Kong dollars, respectively. Approximately 40% of the net proceeds will be used for the development and expansion of new technologies and patents in special batteries used in medical and healthcare and medical equipment, as well as for the development and enhancement of artificial intelligence production facilities and equipment for special batteries; approximately 40% will be used to repay the bank financing that the group will have due in the next six months; and approximately 20% will be used for general operating capital for the group.