6682.HK

AI applications developer Beijing Fourth Paradigm Technology Co. Ltd. (6682.HK) announced on Thursday that it will place 25.9 million shares to Infini Global Master Fund, representing 8.07% of the enlarged share capital for its Hong Kong-listed H-shares and 4.98% of its total enlarged share capital. The placement price of HK$50.50 represented an 8.93% discount to Wednesday’s closing price of HK$55.45, raising HK$1.31 billion ($107 million).

The company said it will use 50% of the proceeds for R&D investments in emerging fields such as embodied intelligence, smart devices, blockchain, real-world assets (RWA) and stablecoins. Another 40% will go to its global business expansion and potential acquisitions, while the remaining 10% will be reserved for general corporate purposes.

The subscriber, Infini Global Master Fund, is managed by Infini Capital Management Ltd., which is headquartered in both Hong Kong and Abu Dhabi.

Fourth Paradigm’s shares opened higher on Thursday and closed at HK$56.55 by the midday break, up 1.98%.

By Lee Shih Ta

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