PATEO CONNECT drops after discounted share placement
BUZZ-PATEO CONNECT drops after discounted share placement ** Shares of PATEO CONNECT Technology (Shanghai) Corporation 2889.HK drop 21.7% to HK$110, on track for the biggest one-day pct decline since its debut on September 30, 2025
** Stock hits the lowest level since July 13 in second straight session of declines
** China-based smart cockpit solutions provider plans sale of 4.89 million H shares, or 5.57% of the enlarged share capital, in a placement to raise HK$588 million ($75 million) for M&A, investments and repayment of bank indebtedness
** Says the H shares will be issued at HK$120.28 apiece, representing a 14.39% discount to Monday's close of HK$140.50 per share
** YTD, PATEO CONNECT down 46.8%, while Hang Seng TECH Index .HSTECH down 18.5%
($1 = 7.8396 Hong Kong dollars)
(Reporting by Donny Kwok)
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PATEO CONNECT drops after discounted share placement