SenseTime Group Inc. (SENSETIME-W) saw its stock price surge by 5.62% during Thursday's trading session, following the company's announcement of a significant share issuance. The artificial intelligence firm revealed plans to raise HK$2.5 billion through the sale of new shares to Infini Capital Management.
According to a Hong Kong bourse filing, SenseTime intends to issue 1,666,667,000 shares at HK$1.50 each. This represents 4.58% of the company's issued Class B shares and 4.50% of its total issued shares. The placement is being facilitated by Guotai Junan Securities (Hong Kong) and CLSA, who are serving as the placing agents for the transaction.
The company stated that the primary purpose of this fundraising effort is to support research and development initiatives. This move suggests that SenseTime is focusing on enhancing its technological capabilities and maintaining its competitive edge in the rapidly evolving artificial intelligence sector. Investors appear to have responded positively to this strategic decision, as reflected in the stock's significant price increase during the trading session.
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