CANBRIDGE-B (01228) saw its shares rise more than 4% in the afternoon session. At the time of writing, the stock was up 4%, trading at HK$2.6 with a turnover of HK$1.5938 million. The movement follows the company's announcement of the completion of issuing a total of 84.0336 million subscription shares. CANBRIDGE-B had previously disclosed the placement of shares to a subsidiary of WuXi Biologics (02269). Upon completion of the placement, WuXi Biologics' stake in CANBRIDGE-B will increase to approximately 16.27%. According to the announcement, the net proceeds from the share placement amount to approximately HK$199 million. About 12% of the funds will be allocated for working capital and registration maintenance of commercialized products, 28% will be used for research and development expenses of the existing product pipeline, and 60% will be utilized to settle the group's trade payables.