Pine Technology Raises HK$29.4 Million Through Share Placing for Working Capital

Pine Technology Holdings Limited ( (HK:1079) ) just unveiled an update.

Pine Technology Holdings Limited has completed a share placing under its general mandate, issuing 100 million new shares at HK$0.30 each, representing about 7.01% of its enlarged share capital, to at least six independent placees, none of whom became a substantial shareholder. The transaction raises net proceeds of approximately HK$29.41 million, which the company plans to use as general working capital, modestly diluting existing shareholders and reducing the major shareholder MicroNova Limited’s stake from 53.89% to 50.11%, while expanding the public float and potentially strengthening the group’s financial flexibility for ongoing operations.

More about Pine Technology Holdings Limited

Pine Technology Holdings Limited, incorporated in Bermuda and listed in Hong Kong, operates as a technology group, though this announcement focuses on its capital markets activities rather than detailing specific operating segments or products. The company’s shareholding structure is dominated by major shareholder MicroNova Limited, ultimately controlled by chairman and executive director Yu Wei, with the remainder held by public investors.

YTD Price Performance: 611.11%

Average Trading Volume: 4,371,737

Technical Sentiment Signal: Buy

Current Market Cap: HK$424.5M

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