Ubtech Robotics (HKG:9880) plans to raise up to HK$407.7 million in net proceeds through the placement of 5,060,000 new H shares, according to a Wednesday filing with the Hong Kong bourse.

The placement price is HK$86.22 per share. The new share issue amounts to about 1.19% of the total issued up share capital.

The proceeds will be used for debt retirement and general corporate purposes. The placement of these shares is subject to conditions.

The company's stock prices were up by almost 3% in recent trading.

Price (HKD): $110.40, Change: $+2.7, Percent Change: +2.51%