HK-listed Weimob at 3-week high on report of raising $601 mln from equity combo

Reuters2021-05-25

** Shares of China's cloud-based commerce and marketing solutions provider Weimob Inc rise as much as 5.7% to HK$16.98, their highest since May 4

** Stock is on course for the best session since May 12 and is the second-biggest percentage gainer in the Hang Seng Tech Index

** Weimob has raised a total of $601 mln from placement of $301 mln worth of shares and an issue of $300 mln convertible bond, and Tencent has agreed to take up $50 mln of the share placement, Refinitiv publication IFR reported

** Says company plans to use the proceeds to improve its research and development capabilities, and upgrade marketing system

** The Hong Kong Hang Seng sub-index tracking information technology firms surges 2.2%, and the Hang Seng Tech Index rises 1.7%

** The Hang Seng China enterprises index climbs 1.4%, and the benchmark index jumps 1.7%

** As of last close, the stock has gained 15.2% this year

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