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Minieye Technology Seeks HK$122 Million via H-Share Placement; Shares Down 14%

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Minieye Technology (HKG:2431) expects to raise about HK$122.3 million in net proceeds through a placement of new H-shares, according to a Wednesday Hong Kong bourse filing.

The company will place up to 20.1 million new H shares at HK$6.23 each, a 15% discount to the last closing price of HK$7.33.

The shares represent about 4.85% of its existing issued share capital.

Net proceeds will be used mainly to expand the company's driverless vehicle and Physical AI businesses, and to upgrade its foundational research and development platform.

Shares of the firm were down over 14% in recent trade.

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