SFQ Global (01953) briefly climbed more than 17% in early trading, before paring gains to trade 5.76% higher at HK$1.285, with turnover of HK$4.2344 million.
On 21 October, SFQ Global announced that the company and the placing agent entered into a placing agreement after the trading session on 21 October 2026, pursuant to which the company agreed to appoint the placing agent, and the placing agent agreed to act as the company's agent, to use its best efforts to procure not fewer than six placees to subscribe for up to 215 million placing shares at a placing price of HK$0.973 per share, subject to the terms and conditions of the placing agreement.
The placing price of HK$0.973 per placing share represents a discount of approximately 18.58% to the closing price of HK$1.195 per share as quoted on the Stock Exchange on the last trading day.
The announcement stated that the maximum gross proceeds and net proceeds from the placing (after deducting placing commission, professional fees and all related expenses) are approximately HK$209 million and HK$208 million, respectively.
The company intends to use the net proceeds from the placing for project working capital for new energy power station construction contracting; business expansion in Southeast Asia and Africa; and general working capital.
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