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Pateo Connect Technology Raises HK$381.6 Million from Share Placement; Shares Plunge 17%

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Pateo Connect Technology (Shanghai) (HKG:2889) completed the placing of nearly 2.3 million new Hong Kong-listed shares to raise net proceeds of HK$381.6 million, according to a Monday Hong Kong bourse filing.

Shares of the smart cockpit domain controller provider were down over 17% in Tuesday afternoon trading.

The shares, representing around 1.4% of the company's enlarged issued share capital, were placed to six investors at a net placing price of HK$168.91 apiece.

The company will use proceeds for potential strategic acquisitions and investments, as well as for working capital and general corporate purposes.

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