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GoFintech Terminates Top-Up Subscription After Share Placement; Shares Fall 10%

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GoFintech Quantum Innovation (HKG:0290) terminated its planned top-up subscription of new shares after conditions were not met, citing prevailing market conditions, business development, and capital planning.

The company, however, said it completed the placement of 218.8 million of its existing shares at HK$1.60 per share, raising about HK$346 million in net proceeds, according to a Monday filing with the Hong Kong bourse.

The shares were placed with at least six independent third parties, none of whom became a substantial shareholder.

Shares of the financial services firm were down more than 10% in Tuesday's recent trade.

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GoFintech Terminates Top-Up Subscription After Share Placement; Shares Fall 10% | FINWIRES