Quantgroup to Raise HK$163 Million in Net Proceeds via Share Placement

MT Newswires Live09-17

Quantgroup Holding (HKG:2685) is raising HK$162.6 million through a private placement offering of new shares, according to a Wednesday bourse filing.

The company said it will offer up to 48.5 million shares at HK$3.40 apiece, reflecting a 15.3% discount to the stock's last closing price. Following the issue, the company will have 568.2 million shares outstanding, up from 519.7 million shares.

Proceeds from the offering are expected to be used for growing the e-commerce business, R&D, and general working capital.

Tiger Brokers, Zheshang International, and Futu Securities International are acting as placing agents for the offering.

Shares of the e-commerce and technology platform company were down 2% in recent trade.

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