NetDragon Websoft leaps on share placement

Business | 13 Feb 2020 3:08 pm

Shares in mainland game and mobile application developer NetDragon Websoft (0777) tumbled by 12.02 percent this morning after it announced plans to raise HK$774 million by placing 33 million shares at HK$23.7 apiece, a 9.5 percent discount from the previous close.

The company said the net proceeds will be used for general corporate purposes and to fund the expansion of education business, including capitalizing on revenue opportunities globally, particularly in the emerging markets as well as user scaling and monetization of the online education ecosystem.

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