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Pateo Connect Technology to Raise HK$578 Million Via Private Placement

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Pateo Connect Technology (HKG:2889) is raising HK$578.3 million in net proceeds via a private placement of new H shares, according to a Tuesday Hong Kong bourse filing.

The automotive software maker said it is offering about 4.9 million shares at HK$120.28 apiece. The offer price represents a 14.4% discount to the stock's closing price on Monday.

Following the transaction, Pateo will have 166.7 million issued shares, comprising 79 million domestic shares and 87.7 million H shares. The company expects to use the proceeds for M&A, investments, and general corporate purposes.

Guotai Haitong, Guotai Junan International, CMBI, and CITIC Securities are acting as placing agents for the offering.

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