LEADER EDU (01449) shares surged over 15%, rising 15.79% to HK$0.55 as of press time, with a trading volume of HK$1.1138 million.

On the news front, LEADER EDU recently announced a plan to place up to 133 million placement shares, representing approximately 20.00% of the company's existing issued share capital as of the announcement date, and about 16.67% of the enlarged issued share capital after the allotment and issuance of the placement shares. The placement price per share is set at HK$0.265, representing a discount of approximately 19.70% to the closing price of HK$0.330 per share on July 24. Assuming all placement shares are fully allotted, the total gross proceeds and net proceeds from the placement are estimated at approximately HK$35.33 million and HK$34.58 million, respectively.

Where the funds are headed

The company stated that it intends to use the net proceeds from the placement as follows: approximately HK$25.94 million for the group's business development in digital and smart education and teaching; and the remaining approximately HK$8.64 million for the group's general working capital.