Longcheer's stock price surged 5.45% during intraday trading on Tuesday, following the company's announcement of plans to seek shareholder approval for a significant debt financing program.

The technology company will ask shareholders to authorize the Board to register and issue debt financing instruments of up to RMB3.00 billion at an extraordinary general meeting scheduled for later this month. The proposed program covers multiple financial products including ultra short-term financing bills, short-term financing bills, mid-term notes and private placement instruments.

According to the company, the initiative will diversify financing channels, optimise the debt profile, manage funding costs and strengthen liquidity. Net proceeds from the potential issuance are earmarked for daily operations, repayment of interest-bearing debt, replenishing working capital, investments, acquisitions and other lawful uses.