Deepexi raises $62 million in share placement to boost AI R&D

Enterprise large-model AI application provider Deepexi Technology Co. Ltd. (1384.HK) said on Thursday it plans to place 14.29 million new Hong Kong-listed H-shares, representing about 4.1% of its enlarged issued share capital. The placement price is HK$35 per share, representing a discount of about 3.74% to Wednesday’s closing price of HK$36.36, with net proceeds expected to reach about HK$488 million ($62.2 million).

Deepexi completed another H-share placement in May, selling 7.94 million shares for HK$50.58 each to raise about HK$395 million. None of those proceeds from that placement had been used as of June 30.

The company said proceeds from the previous placement were mainly earmarked for overseas expansion and building localized capabilities, while the latest fundraising will focus on the large-scale deployment of AI agents. About 70% of net proceeds from the new placement will be used for R&D and upgrades involving enterprise AI employee infrastructure, its token productivity platform, its DeepWorks enterprise AI agent platform and computing resources. Another 20% will go toward strategic investments and acquisitions, with the remaining 10% used for working capital and general corporate purposes. The proceeds are expected to be fully utilized by the end of 2028.

Deepexi shares opened lower on Thursday before rebounding, and were trading at HK$37.14 by the midday break, up 2.15%.

By Lee Shih Ta

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