NUOBIKAN (02635) surged more than 20% at one point in late trading, and as of press time, it was up 12.22% at HK$11.16, with a turnover of HK$51.5608 million.

On the news front, on October 9, NUOBIKAN announced the completion of a placement, raising net proceeds of approximately HK$131 million at a placement price of HK$8.19 per share.

The placement involved the issuance of a total of 16.4885 million new H shares, representing 5.14% of the total H shares before the placement and 4.17% of the enlarged total share capital.

The company previously stated that it plans to use approximately 40% of the net proceeds for research and development of artificial intelligence operations and maintenance technology for large-scale infrastructure; approximately 20% for expanding overseas business; approximately 20% for potential industry acquisition targets such as basic computing power, AI models, and industry application companies; and approximately 20% to supplement working capital.