STOCKS | Maiyue Technology Places Up To 100 Million New Shares At HK$0.97

Maiyue Technology (2501) said it placed up to 100 million new shares on July 25 at HK$0.97 each, a 19.17% discount to Friday's close of HK$1.20, to raise up to HK$97 million with net proceeds of HK$96 million, according to Ming Pao. The placement shares will account for about 16.7% of the enlarged issued share capital. The company said about 52.08%, or HK$50 million, of the proceeds will be used for research and development of new products and solutions related to its existing integrated IT solutions business, including product design and development, software development, system integration, testing, trial implementation and deployment, as well as related R&D personnel and technical service costs.