Beijing Xunzhong Plans HK$313.6 Million Capital Raise via Private Placement
Beijing Xunzhong Communication Technology (HKG:2597) is raising HK$313.6 million through a private placement offering of new H shares of the company, according to a Thursday bourse filing.The cloud communications solutions provider said it is offering placing agents 11.2 million shares at HK$28.20 apiece, which equates to a 19.4% discount to the stock's closing price on Wednesday. Following the transaction, Beijing Xunzhong's total number of issued shares will increase to 132.9 million from 121.8 million.Proceeds from the offering are expected to be used for the construction of necessary infrastructure for R&D work, business expansion, hiring talent, and general corporate purposes, among other things.Winbull Securities International (Hong Kong) Limited is acting as the sole placing agent for the transaction.
