QuantGroup (02685) has announced that all conditions set out in the placing agreement have been fulfilled and the placing was completed on September 28, 2026.
The joint placing agents successfully placed a total of 42.908 million placing shares to no fewer than six placees at a placing price of HK$3.40 per placing share, in accordance with the terms and conditions of the placing agreement. These shares represent approximately 7.63% of the company's issued share capital as enlarged by the allotment and issue of the placing shares immediately after completion, namely 563 million shares.
The gross proceeds from the placing amounted to approximately HK$146 million. After deducting placing commissions and other related professional fees and expenses, the net proceeds from the placing were approximately HK$144 million, equivalent to a net issue price of HK$3.35 per placing share.
The company intends to apply the net proceeds from the placing for the following purposes and in the following amounts: (i) approximately 55% of the net proceeds (about HK$79.05 million) for e-commerce business development. The proceeds will be used mainly for business expansion in the e-commerce segment, including traffic acquisition for the platform APP, user operations, settlement of supply chain payments, channel expansion and other related business expenditures, to support growth in the scale of the e-commerce business. (ii) approximately 15% of the net proceeds (about HK$21.56 million) for research and development investment. The proceeds will be invested in technical research and development work, covering compensation for the technical team, iteration of the data platform and intelligent systems, as well as expenses for cloud server resources, third-party technical services and new product prototype development, so as to continuously enhance the platform's technical capabilities. (iii) approximately 30% of the net proceeds (about HK$43.12 million) as general working capital. The proceeds will supplement the group's daily working capital, meet the liquidity needs required for operations, including administrative, finance and legal, and human resources management expenses, repay operating accounts payable, and reserve a funding buffer for the group's business development, thereby safeguarding the stable operation of the group's overall business.