BRIEF: Voicecomm raises $40 million via share placement at 20% discount
IT solutions provider Voicecomm Technology Co. Ltd. (2495.HK) said on Monday it raised HK$311.1 million ($40 million) through the placement of 6.73 million new shares at HK$46.30 each, representing a discount of 19.9% to the previous day’s closing price.
Following the sale, the buyer, State Fortune Global Strategic LPF, a fund under Jingxin International Financial Group, will become the company’s largest shareholder with a 15.93% stake.
Voicecomm said about 50% of proceeds from the saale will be used for research and development to enhance its technological capabilities and product innovation. The other half will be used for working capital and general corporate purposes.
Voicecomm provides enterprise solutions based on its proprietary integrated communications and AI technologies. Its major application scenarios include smart cities, smart transportation, smart communications and smart finance. The company’s revenue rose 29% year-on-year in the first half of last year to 479 million yuan ($68.7 million), while it swung to the black with a net profit of 74.7 million yuan.
Voicecomm’s stock opened lower on Tuesday but later reversed course to close up 3.55% at HK$59.85 by the midday break. The shares are down about 10.5% over the past six months.
By Lee Shih Ta
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