HK Stock Market Move | Circuit Fabology Microelectronics Equipment (09630) rose more than 5% in the afternoon; plans to increase capital in its Hong Kong subsidiary to support the subsequent development of the company's overseas business.

Circuit Fabology Microelectronics Equipment (09630) rose more than 5% in the afternoon. As of press time, it was up 4.94% at HK$184.9, with a turnover of HK$114 million. On the news front, Circuit Fabology Microelectronics Equipment announced plans to use proceeds from its H-share listing to increase capital in its wholly-owned Hong Kong subsidiary by no more than approximately HK$97 million, primarily to ensure the smooth advancement and implementation of the company's offshore innovation and operations hub, enhance the Hong Kong subsidiary's project undertaking and capital operation capabilities in areas such as building overseas sales and service networks and attracting top talent for cutting-edge R&D, meet funding needs during the implementation of the fundraising projects, and support the subsequent construction and smooth operation of the company's overseas business. In addition, the company plans to convene an extraordinary general meeting to consider and approve a special resolution granting the board a general and unconditional mandate to repurchase the company's H shares, with the repurchase cap not exceeding 10% of the total number of H shares in issue (excluding treasury shares) on the date the resolution is passed.