2252.HK

Surgical robot developer Shanghai MicroPort MedBot (Group) Co. Ltd. (2252.HK) on Tuesday announced it placed 34.7 million new shares, or about 3.45% of its enlarged share capital, at a price of HK$7.85 per share, raising approximately HK$272 million ($34.9 million). The price represented a discount of about 20% to Monday’s closing price of HK$9.81.

The company said it intends to use 70% of the approximately HK$266 million in net proceeds to develop its core business, including R&D to enhance and upgrade its products, as well as for commercialization of its products overseas. It will use the remaining 30% for supplementary working capital and general corporate purposes.

This marks the company’s second share placement this year. In June, it raised HK$117 million through a placement at a nearly 15% discount.

MicroPort MedBot’s stock opened 3.5% lower at HK$9.47 on Tuesday, closing down 13.7% at HK$8.47 by the midday break.

By Lee Shih Ta

To subscribe to Bamboo Works weekly free newsletter, click here

Recent Articles

Autohome is an auto trading platform

Autohome deflated by plunging ad sales, car price wars

The car-trading services provider reported a fourth consecutive quarter of revenue decline in the second quarter, as its gross margin plunged more than 10 percentage points Key Takeaways: Autohome’s revenue…