Shares of CANBRIDGE-B (01228) experienced a significant surge, climbing over 17% at one point during the morning session. At the time of writing, the stock was up 8.6%, trading at HK$3.03, with a turnover of HK$26.65 million. The movement follows the company's announcement on the morning of February 16th regarding a proposed share placement. CANBRIDGE-B plans to issue 84.0336 million new shares to a wholly-owned subsidiary of WUXI BIO (02269). The new shares represent approximately 14.12% of the company's enlarged issued share capital. The placement price is set at HK$2.38 per share, which represents a discount of about 14.7% compared to the closing price of HK$2.79 on February 13th. The net proceeds from the placement are expected to reach HK$199 million. Approximately 60% of the funds will be used to settle the group's trade payables, around 28% is allocated for research and development expenses for the existing product pipeline, and the remaining 12% will be utilized as working capital and for registration maintenance of commercialized products. Upon completion of the placement, WUXI BIO's stake in CANBRIDGE-B is set to increase to approximately 16.27%.