Business
Weimob touches near three-week high on share sale for technology upgrade
Weimob touches near three-week high on share sale for technology upgrade
About this update from Weimob, Inc.
** Chinese cloud-based commerce and marketing solution provider Weimob's HKEX:2013 shares rise 6.9% to HK$2.65, their highest level since Sept 1** Set for biggest one-day pct gain since Aug 25 ** Weimob to sell 688.49 mln new shares in a share placement to raise HK$1.56 bln ($200.70 mln); to upgrade tech infra, expand media channels, overseas business development** Shares will be issued at HK$2.26 apiece, or 8.9% discount to Wednesday's close ** New shares, or 16% of enlarged share capital, will be sold to Infini Capital Global's unit Infini Capital Management ** Sale will strengthen financial position for expansion, growth - co** YTD, stock down 22.9%, Hang Seng Tech Index HSI:HSTECH up 40.2%($1 = 7.7729 Hong Kong dollars)