Drinda New Energy Technology Nets Nearly HK$398 Million via Share Placement

MT Newswires Live

02/03

Hainan Drinda New Energy Technology (SHE:002865, HKG:2865) completed the placing of 18.7 million new Hong Kong-listed shares at HK$22.00 each, raising net proceeds of about HK$397.7 million, according to a Monday bourse filing.

Shares of the photovoltaic cell manufacturer were up nearly 14% in Tuesday morning trade in Hong Kong.

The shares were placed to not fewer than six independent placees under a general mandate.

Net proceeds will be used for research, development, and production of space photovoltaic battery-related products, for equity investment and cooperation in the commercial aerospace sector, and the remaining for working capital, the filing showed.

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