AsianFin -- Horizon Robotics announced plans to raise approximately HK$4.67 billion through a top-up placement of 681 million shares, according to a filing to the Hong Kong Stock Exchange on Wednesday.

The shares will be offered at HK$6.93 apiece, representing a discount of around 6.85% to the stock’s closing price on Wednesday. Under the arrangement, existing shareholders will first sell the shares, followed by a subscription of the same number of new shares by the selling shareholder.

The company said the net proceeds will be used to optimize its capital structure and support its long-term health and sustainable development.