Yee Hop (HKG:1662) agreed to place up to 15 million shares to at least six investors at HK$2.35 apiece to raise net proceeds of HK$35 million, a Tuesday Hong Kong bourse filing said.

The shares represent roughly 2.91% of the investment holding firm's enlarged issued share capital.

The firm will use part of the proceeds from the placement to settle the consideration of the subscription of shares in Trio AI, as well as finance and develop the target's business.

The remaining proceeds will be used for the R&D of software development, AI and machine learning, and integrating AI-powered computing into the firm's business model.