CANBRIDGE-B Shares Surge Over 6% Following Announcement of Private Placement to WUXI BIO Subsidiary

Stock News02-25 14:40

Shares of CANBRIDGE-B (01228) rose more than 6% in afternoon trading. At the time of writing, the stock was up 5.68%, trading at HK$2.79 with a turnover of HK$1.72 million. The movement follows the company's announcement of a plan to issue 84.0336 million new shares to a subsidiary of WUXI BIO (02269), representing approximately 14.12% of the enlarged share capital. The net proceeds from the placement are estimated to be around HK$199 million. Approximately 12% of the funds will be allocated for working capital and registration maintenance of commercialized products, 28% will be used for research and development expenses of the existing product pipeline, and 60% will be utilized to settle the group's trade payables. Upon completion of the share placement, WUXI BIO's stake in CANBRIDGE-B is expected to increase to approximately 16.27%.

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