New Hope Service reallocates HK$458m IPO proceeds

New Hope Service Holdings Limited announced a reallocation of its HK$458.08 million unutilized IPO proceeds. The company will decrease acquisition funding from HK$429.03 million to HK$60.75 million.

The reallocated funds will boost working capital with HK$196.84 million, up from zero. Additionally, HK$133.66 million will go toward talent recruitment and team building, while HK$66.83 million will upgrade information systems and equipment.