9923.HK
Amber does finance

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

To subscribe to Bamboo Works weekly free newsletter, click  here

Recent Articles

Full Truck Alliance deals in trucks

Full Truck Alliance gets new lesson in economics

The trucking company warned that a planned rate hike for its freight brokerage services could lead to a significant decline in that business, which could ‘adversely affect’ its profits Key…