HK Stock Market Move | NUOBIKAN (02635) drops over 10%, plans share placement at a 13.6% discount to raise net proceeds of approximately HK$130 million to expand AI business.

NUOBIKAN (02635) dropped over 10%, down 10.23% as of press time, at HK$8.51, with a turnover of HK$6.4626 million. On the news front, NUOBIKAN announced this morning that it plans to place 16.4885 million new shares to no fewer than six independent placees, representing approximately 4.17% of the enlarged share capital, at HK$8.19 per share, a discount of approximately 13.61% to the company's previous closing price of HK$9.48. The net proceeds from the placement are approximately HK$131.5 million. The company intends to use approximately 40% of the net proceeds for research and development of AI operations and maintenance technology for large-scale infrastructure; approximately 20% for expanding overseas business; approximately 20% for potential industry acquisition targets such as basic computing power, AI models, and industry application companies; and approximately 20% for supplementing working capital.