InnoScience (Suzhou) Technology (HKG:2577) will raise about HK$1.55 billion in net proceeds through a private placement of 20.7 million new H shares at HK$75.58 each, according to a Friday Hong Kong bourse filing.

The placing price represents a discount of about 7.9% to the last close of HK$82.05 and a 15.2% discount to the five-day average.

The new shares represent roughly 4.1% of InnoScience's issued H shares and 2.3% of its total share capital.

Proceeds will be used for capacity expansion and product upgrades, repayment of interest-bearing liabilities, and working capital and general corporate purposes.

The company said the placement will strengthen its balance sheet and support long-term growth in gallium nitride (GaN) power devices across sectors, including automotive, data centers, and robotics.