The Zhitong Finance App learned that Baiwang shares (06657) fell by more than 13%. As of press release, it was down 13.01% to HK$11.3, with a turnover of HK$725,600.

According to the news, Baiwang Co., Ltd. announced this morning that it has signed a subscription agreement with the subscriber Celestine Capital LP to issue 2,581,300 new shares, accounting for about 1.13% of the total number of shares issued after the expansion, at a price of HK$11.622 per share, a discount of about 10.53% from the closing price of HK$12.99 per share on October 26. The net proceeds are estimated to be around HK$29.5 million. The company said that of the net proceeds from capital raising, about 73.2% will be used for the AI smart all-in-one business, and about 26.8% will be used for computing power and hardware investment in the AI financial and taxation model.

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