Beijing Fourth Paradigm Technology (HKG:6682) agreed to issue 25.9 million new H shares at HK$50.50 each to a fund managed by Infini Capital, raising net proceeds of about HK$1.31 billion, according to a Thursday Hong Kong bourse filing.

The subscription price represents an 8.9% discount to the company's last closing price on the agreement date and a 1% discount to the five-day average.

Shares represent about 8.78% of Fourth Paradigm's issued H shares and 5.25% of its total issued share capital as of the announcement date.

Net proceeds will be used mainly for R&D in areas such as embodied intelligence, smart devices, blockchain, real-world assets, and stablecoins, as well as global business expansion, potential acquisitions, and general corporate purposes.

Infini Capital, which manages the subscriber fund, is licensed in both Hong Kong and Abu Dhabi, and is not expected to become a substantial shareholder after completion, the company said.