BRIEF: Yeahka raises $25 million for Asia expansion
Third-party payment services provider Yeahka Ltd. (9923.HK) announced on Tuesday that it will place 19.15 million shares at a price of HK$10.10 each, representing a 9% discount to Monday’s closing price. The new shares represent approximately 4.14% of the company’s enlarged share capital.
Yeahka said the placement will raise HK$193 million ($25 million), about 40% of which will be used to expand its footprint in Asia. Another 40% will go to invest in R&D, including the use of artificial intelligence in its proprietary software, to strengthen the company’s commercial digitalized ecosystem.
Yeahka shares opened down 7.2% at HK$10.3 on Tuesday and continued to fall through the day. The stock is down over 30% from its recent peak last October.
By Lau Chi Hang
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