HK Stock Market Move | SMART-CORE (02166) once rose more than 24% and plans to issue a 15% discount on stock rights with a net fundraising of HK$2.91 billion for expanding memory and optoelectronic product businesses.

SMART-CORE (02166) Once rose by more than 24%, as of press time, it rose by 18.98% to 4.2 Hong Kong dollars, with a turnover of 144.01 million Hong Kong dollars. On the news side, on the evening of June 22, SMART-CORE announced that it had entered into a placement agreement with the placement agent to place up to approximately 97.736 million new shares at a price of 3 Hong Kong dollars per share, raising up to 2.93 billion Hong Kong dollars, estimated net proceeds of approximately 2.91 billion Hong Kong dollars. The announcement stated that the price per share represented a discount of approximately 15% compared to the closing price of 3.53 Hong Kong dollars on June 22, and that the new shares would represent approximately 16.67% of the enlarged share capital. It is expected that the placement will be made to no less than 6 independent placees, with no expected placee becoming a major shareholder. The company intends to use the net proceeds from the placement for expanding its memory and optoelectronic product business.