HK Stock Market Move | SMART CITY DEV (08268) opens nearly 14% higher, planning to offer a maximum of approximately HK$9.5 million in net proceeds through a discounted rights issue.

SMART CITY DEV (08268) opened nearly 14% higher, rising 13.85% to 0.37 Hong Kong dollars by the time of publication, with a trading volume of 186,500 Hong Kong dollars. In terms of news, SMART CITY DEV has announced that on February 23, 2026, the company plans to issue up to 33.33 million shares through a placement agent at a price of 0.30 Hong Kong dollars per share, representing a discount of approximately 7.69% compared to the closing price of 0.325 Hong Kong dollars per share reported on the date of the placement agreement. Assuming all shares are fully placed, the company expects to raise up to approximately 9.5 million Hong Kong dollars. Approximately 30.3% will be used to repay outstanding loans of the group; about 30.3% will be used to expand the group's lending business; about 24.2% will be used to expand the group's securities investment business; and approximately 15.2% will be used to supplement the group's general operating funds, which will be used for employee costs, professional fees, and other operating expenses of the group.