XUNZHONG (02597.HK): Places 11.19 Million New H Shares , Raising Approximately HKD 314 Million Net for Computing Power Business
NewTimeSpace News: On 10 September 2026 (before the trading session), Beijing Xunzhong Communication Technology Co., Ltd. (stock code: 02597) entered into a placing agreement with placing agent Yingbao Securities International (Hong Kong), under which the company has conditionally agreed, on a best-efforts basis, to procure no fewer than six independent placees to subscribe for 11,190,000 new H shares at HKD 28.20 per share, representing a discount of approximately 19.43% to the closing price of HKD 35.00 on 9 September 2026 (the last trading day) and approximately 19.14% to the average closing price of HKD 34.88 over the preceding five consecutive trading days. The placing shares represent approximately 9.19% of the total issued shares (excluding treasury shares) and approximately 8.42% of the enlarged share capital, and will be issued under the general mandate without requiring shareholder approval.
Assuming full subscription, the gross and net proceeds are expected to be approximately HKD 315.56 million and HKD 313.64 million respectively, implying a net issue price of approximately HKD 28.03 per share. The net proceeds are intended to be applied as follows: approximately 38% for computing power infrastructure and R&D environment (including AI training/inference servers, general-purpose computing/storage servers and network equipment); approximately 22% for platform and product R&D; approximately 15% for procuring elastic computing and hosting services from third parties; approximately 8% for team building and talent acquisition; approximately 7% for market expansion, ecosystem partnership and solution delivery; and approximately 10% for general working capital and corporate purposes.
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