Shares of DRINDA (02865) surged by more than 18% at one point during the trading session. As of the time of writing, the stock was up 14.04%, trading at HK$42.08, with a turnover of HK$369 million. The company announced that, pursuant to the terms and conditions of the placement agreement, the placement was successfully completed on February 2, 2026. All conditions precedent under the placement agreement have been satisfied. Through its placing agent, the company issued a total of 18.682 million new H shares at a price of HK$22.00 per share. The net proceeds from the placement are estimated to be approximately HK$398 million. The funds raised are planned to be allocated as follows: 45% for the R&D and production of space photovoltaic cell-related products, 45% for equity investments and cooperation in the commercial aerospace sector, and 10% for supplementing working capital. Recent documents disclosed by the U.S. Federal Communications Commission (FCC) indicate that SpaceX is applying to launch and operate a constellation of up to 1 million satellites and to build an orbital AI data center network. Guohai Securities believes that global satellite deployment is expected to enter a high-speed track; with communication satellites evolving into computing satellites, demand for space photovoltaics is anticipated to sustain high growth. CICC pointed out that it recommends seizing the opportunities presented by the industry-wide transformation driven by space photovoltaics and to continuously monitor the intensive catalysts from manufacturing-side implementation.
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