BRIEF: Robosense raises HK$270 million in share placement at 8% discount
Light detection and ranging (Lidar) technology manufacturer Robosense (2498.HK) announced on Wednesday it placed 10 million new shares, or about 2.22% of its enlarged share capital, at a price of HK$27.75 per share, raising approximately HK$277.5 million ($35.7 million). The price represented a discount of about 7.96% to the stock’s Tuesday’s closing price of HK$30.15.
The company said the net proceeds of HK$271 million from the sale will be used primarily for R&D to enhance its products and support its AI algorithm, chip and hardware development. It said it will also use the money to strengthen its overseas expansion and for general corporate purposes, such as exploring potential strategic partnerships or alliances.
Robosense reported revenue of 1.13 billion yuan ($156 million) in the first nine months of this year, up 91.5% year-on-year, while its loss narrowed to 351 million yuan from 1.13 billion yuan over the same period. The company’s stock opened 1% lower at HK$29.85 on Wednesday, and closed up 3.48% at HK$31.2 by the midday break.
By Lee Shih Ta
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