Deepexi Technology (HKG:1384) completed the placement of 7.94 million new shares at HK$50.58 apiece, raising net proceeds of about HK$395 million, according to a Thursday Hong Kong bourse filing.

Shares of the large-model AI application provider were down nearly 5% in Friday morning trading.

The placing shares represent about 2.4% of the company's enlarged share capital and were placed to not fewer than six independent investors.

Deepexi said the proceeds will be used for overseas market expansion and localization capabilities building, potential strategic investments and acquisitions, and general corporate purposes.