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Xiamen Jihong Seeks HK$113 Million via H-Share Placement; Shares Up 8%

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Xiamen Jihong Technology (HKG:2603, SHE:002803) seeks to raise estimated net proceeds of about HK$112.8 million through the placement of new H-shares, according to a Thursday Hong Kong bourse filing.

The company plans to place up to 9.37 million new H-shares at HK$12.24 apiece to at least six independent investors.

The net proceeds will be used primarily to expand its cross-border social e-commerce business, including overseas market expansion, development of self-owned brands and AI-related upgrades to its Giikin platform.

The remainder will support its FMCG paper packaging business and general working capital.

The placing shares represent nearly 13.8% of the company's existing H-share capital and about 2.1% of its total issued share capital. The placing price represents about a 17% discount to the last closing price.

Hong Kong-listed shares of the packaging and marketing services provider were up 8% in Thursday morning trade.

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