STOCKS | Potech Auto Intelligence Plunges 14.39% On 5.57% Share Placement

Potech Auto Intelligence (2889) said it will place 4.8889 million shares at HK$120.28 each, a 14.39% discount to the previous close, according to Ming Pao. The new shares will represent about 5.57% of the enlarged share capital. Net proceeds are expected to be HK$578 million, with about 40% earmarked for strategic acquisitions and investments and about 60% for working capital and general corporate purposes.