Deepexi Technology (HKG:1384) agreed to place 7.9 million new H shares at HK$50.58 each, raising net proceeds of about HK$395 million, according to a Thursday Hong Kong bourse filing.

The placing price represents a discount of about 20% to the stock's last closing price and five-day average closing price, the filing showed.

The new shares account for about 2.4% of the company's existing issued share capital.

The enterprise AI company plans to use the proceeds for overseas market expansion and localization capabilities building, potential strategic investments and acquisitions, as well as working capital and general corporate purposes.

Deepexi expects to place the shares with at least six independent investors under its general mandate, with no shareholder approval required.