FAR INTL (02516) surged nearly 65% during intraday trading. At the time of writing, the stock was up 37.26%, trading at HKD 0.70 with a turnover of HKD 9.01 million.

The company announced a placement of up to approximately 156 million shares, representing about 16.67% of the enlarged share capital. The placement price was set at HKD 0.455 per share, a discount of around 10.78% compared to the closing price of HKD 0.51 on November 12. The net proceeds are expected to be approximately HKD 69.62 million, with no less than HKD 60 million allocated to strengthening the development of its existing logistics business, while the remaining funds will be used for general working capital.

A previous research report highlighted that FAR INTL is a well-known cross-border e-commerce logistics service provider in China, specializing in end-to-end cross-border delivery, freight forwarding, and other logistics services. The report noted that its subsidiary, Hangzhou Far International Logistics Co., Ltd., has successfully joined Amazon's Service Provider Network, offering cross-border logistics services to Amazon sellers. The company is actively expanding its overseas presence, with acquisitions in Hong Kong and the U.S. expected to accelerate the development of its international logistics supply chain network.