On July 17, Kingwisoft (New) (02477.HK) rose 11.06% in regular trading, trading at HK$0.203 per share, with turnover of HK$225 million. The rebound came after the company formally completed its top-up placing of 796 million new shares on July 16.

The placing agent sold 796 million existing shares at HK$0.24 per share to no fewer than six independent placees on July 15, followed by the company issuing an equivalent number of new shares to the seller on July 16. Net proceeds of approximately HK$188 million will be allocated toward AI computing platform R&D (34.58%), computing and model resource prepayments (32.99%), self-built computing pool construction (26.07%), and general operating expenses (6.36%). Post-completion, total issued shares increased to 4.796 billion, with Hengfeng International holding 24.94% and placees collectively holding 16.60%.

The stock had plunged over 14% to a record low on July 16 when selling pressure peaked upon the placing announcement. Today's rise represents a technical rebound as that overhang dissipated following the transaction's settlement.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)