Deepexi Technology (HKG:1384) expects to raise about HK$487.5 million in net proceeds through a placement of new H shares, according to a Thursday Hong Kong bourse filing.

The AI company will place 14.3 million new H shares at HK$35 each, a 3.74% discount to the last closing price of HK$36.36.

The shares represent about 4.27% of its existing issued share capital.

Net proceeds will be used mainly to advance research and development for its enterprise AI employee infrastructure and token productivity platforms, pursue strategic investments and acquisitions, and fund working capital and general corporate purposes.