BRIEF: Ruihe Data to raise $16 million in 14% discounted share placement
Financial big data and AI solutions provider Ruihe Data Technology Holdings Ltd. (3680.HK) announced on Sunday that it plans to place up to 158 million new shares to six or more investors at a price of HK$0.783 per share, raising net proceeds of HK$123 million ($16 million). The placement price represents a discount of about 14% to the company’s closing price on the previous trading day.
The newly placed shares represent about 20% of the company’s existing issued share capital and about 16.65% of its enlarged share capital upon completion. The company intends to use around 70% of the proceeds to repay borrowings and for general working capital. The remaining 30% is earmarked for strategic investments, with the company explicitly excluding any investments in cryptocurrencies or related assets.
Based in Shenzhen, Ruihe primarily provides big data, AI and digital marketing solutions to banks and other financial institutions. The company has been expanding recently into real-world asset (RWA) tokenization and cryptocurrency cloud mining businesses. In the first half of last year, it recorded revenue of 120 million yuan, down 33.5% year-on-year, but swung back to profitability with a net profit of 41.1 million yuan.
The company’s shares opened higher on Monday and were trading at HK$1.14 by the midday break, up 25.27%.
By Lee Shih Ta
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