-- 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.