Knowledge Atlas Surges Over 13% at Market Open, Defying Broader Trend on Inclusion in Hang Seng Tech Index

Deep News10:05

Shares of Knowledge Atlas opened lower but quickly reversed course, surging more than 13% against the broader market trend.

As of writing, the stock was trading at HK$1,470, with a turnover exceeding HK$1.3 billion.

The significant move follows the company's formal inclusion in the Hang Seng Tech Index, which took effect today.

Previously, the company announced via a Hong Kong exchange filing that its board of directors, at a meeting held on June 1, proposed applying to relevant Chinese regulatory authorities for the allotment and issuance of A-shares.

The proposal also includes an application for the listing and trading of these A-shares on the Shanghai Stock Exchange's Science and Technology Innovation Board.

The proposed A-share issuance would represent between 2% and 8% of the company's total share capital following the completion of the offering, excluding any shares that may be issued due to the exercise of an over-allotment option.

This translates to no fewer than 9,098,800 and no more than 38,769,000 new A-shares.

The board also passed additional resolutions related to the proposed A-share issuance, which will be submitted for shareholder approval at the annual general meeting.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment