CaoCao (HKG:2643) said it plans to place up to 12 million new shares at HK$32.46 apiece under its general mandate, raising net proceeds of about HK$383 million, according to a Wednesday Hong Kong bourse filing.

The placing shares represent about 2.1% of CaoCao's existing issued share capital.

The placing price represents a discount of nearly 9% to the stock's last close and about 8% to the five-day average price, the filing showed.

CaoCao said net proceeds will be used mainly for the development of its Robotaxi business, expansion of enterprise services, and for working capital and general corporate purposes.

Shares of the ride-hailing platform fell 5% in Wednesday's midday trade.