HK Stock Market Move | LC LOGISTICS (02490) has risen by more than 20%, planning to issue additional shares at a 17% discount to raise nearly HK$140 million for potential strategic acquisitions.

LC LOGISTICS (02490) surged more than 20%, as of the time of publication, up 20.1% to HKD 4.78, with a total turnover of HKD 103.164 million. On the news front, LC LOGISTICS announced this morning the placement of 421.536 million shares at HKD 3.3 per share. The placement shares represent approximately 6.86% of the total number of issued shares after the placement. The total amount raised from the placement is about HKD 139 million, with an estimated net proceeds of about HKD 137 million. The placement price represents a discount of approximately 17.09% compared to the closing price of HKD 3.98 per share on the date of the placement agreement. The net proceeds from the placement will be used as follows: approximately HKD 123 million for potential strategic acquisitions, focusing on high-quality targets with regional resources or advantages in niche markets; and approximately HKD 13.75 million for general working capital.