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Pateo Connect Technology to Raise HK$114 Million via Share Subscription

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Pateo Connect Technology (Shanghai) (HKG:2889) plans to raise about HK$113.6 million in net proceeds through a share subscription, according to a Tuesday Hong Kong bourse filing.

The company will issue 895,980 new shares at HK$127.35 each to The Triplex.

The subscription represents about 1.19% of the company's existing issued H shares.

The price reflects a discount of about 10% to the last closing price and about 10.2% to the five-day average.

Net proceeds will be used for AI technology applications, product development, and business expansion, as well as working capital and general corporate purposes.

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