Beijing Fourth Paradigm Technology (HKG:6682) plans to raise HK$1.39 billion by placing 27,920,000 H shares to at least six placees, according to a Friday filing with the Hong Kong bourse.

The placing price per share is HK$50.20, excluding commission and fees. The shares will represent about 9.47% of H shares and 5.65% of the enlarged share capital after the allotment and issue of placement shares.

The proceeds will be used for research and development of core products, business expansion, merger and acquisition opportunities, and general corporate purposes.

The company's stocks were up by over 1% in recent trading.