HK Stock Market Move | RIVERINE CHINA (01417) surges over 14%, plans discounted share placement to raise net HK$130 million for leasing computing power resources and other purposes.

RIVERINE CHINA (01417) surged over 14%, up 14.19% as of press time, at HK$5.35, with a turnover of HK$4.1222 million. On the news front, on the evening of September 30, RIVERINE CHINA announced a plan to place up to 33 million shares for financing, representing approximately 7.53% of the enlarged share capital, at a placement price of HK$4 per share, a discount of approximately 14.62% to the closing price of HK$4.685 on September 30. The total fundraising amount is approximately HK$132 million, with a net fundraising amount of approximately HK$130.08 million. The company intends to use the net proceeds mainly for leasing computing power resources, enhancing R&D capabilities, expanding customer coverage and service capabilities, and general working capital. The net proceeds are expected to be fully utilized by the end of March 2027.