PATEO CONNECT drops most on record on discounted share sale plan
17/06/2026 02:58
BUZZ-PATEO CONNECT drops most on record on discounted share sale plan ** Shares of PATEO CONNECT Technology (Shanghai) Corp 2889.HK drop 15.8% to HK$177.1, on track for biggest one-day pct decline since debut on September 30, 2025
** Stock touches the lowest level since May 26 on its second straight session of decline
** China-based smart cockpit solutions provider plans sale of 2.26 mln new H shares to third party investors, raising HK$391.8 mln ($50 mln) for potential strategic M&A and investments, and for working capital
** The new shares are offered at HK$173.4 apiece, representing a 17.6% discount to Tuesday's close of HK$210.4
** YTD, PATEO CONNECT stock down 15.7%, and Hang Seng TECH Index .HSTECH down 15.4%
($1 = 7.8315 Hong Kong dollars)
(Reporting by Donny Kwok)
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