Phancy Group Eyes Shenzhen ChiNext Listing

MT Newswires Live06-10

Phancy Group (HKG:6682) plans to seek a listing on the ChiNext Market of the Shenzhen Stock Exchange, according to a Tuesday Hong Kong bourse filing.

The AI company plans to issue between 62 million and 186.1 million new shares, representing 10% to 25% of its enlarged share capital.

Proceeds of up to 3.8 billion yuan will be used for AI platform research and development, domestic AI innovation projects, and working capital.

Phancy said the proposed listing would expand its financing channels, support investments in computing infrastructure and core AI technologies, and strengthen its position in China's AI market.

The proposal remains subject to shareholder approval and regulatory clearance from the Shenzhen Stock Exchange and the China Securities Regulatory Commission.

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