BRIEF: Qunabox raises $41 million in share placement at 17% discount

Vending machine operator Qunabox Group Ltd. (0917.HK) said on Wednesday it placed 3 million new shares at a price of HK$106.60 per share, equal to about 1.14% of its currently issued shares. The placement price represented a 17.04% discount to its July 15 closing price of HK$128.50, generating proceeds of nearly HK$320 million（$41 million）.

Quanbox said the placement will strengthen its liquidity and financial position, broaden its shareholder base and improve its capital structure.

About 50% of the proceeds will be used for the company’s domestic and overseas business operations and development, about 10% will go to R&D, and about 40% will be used to improve its capital structure and for general corporate purposes.

Shares of Qunabox opened down 1.2% at HK$127 on Wednesday, and fell rapidly after that. They were down more than 15% shortly after the market opened.

By Lau Chi Hang

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