JIANGSU HORIZON (02625) surged over 43% before noon. As of press time, the stock rose 42.43% to HK$4.80, with a trading volume of HK$14.5739 million.

The company announced a placement of up to 21.4246 million new shares, representing 9.09% of the enlarged share capital. The placement price is set at HK$2.90, a 13.95% discount to the closing price on November 11. The total proceeds amount to HK$62.13 million, with net proceeds of HK$58.65 million, which will be fully allocated to invest in Haike Horizon.

Haike Horizon primarily engages in digital technology services, including the development and application of artificial intelligence, smart robotics, software, and blockchain solutions. Its business also covers data processing, e-commerce, import-export, advertising, and related consulting and technical services. The board believes the placement will diversify the company's shareholder base and capital sources. Additionally, the net proceeds will strengthen the group's financial position to prepare for future development.