TechFlow news, November 25 — According to Hong Kong media Oriental Daily, Deaso Property (00199) announced the issuance of 100.8 million shares to The Reynold Lemkins Group (Asia) Limited (the subscriber), representing 10% of the enlarged issued share capital. The subscription price is HK$0.7 per share, representing a 16.67% discount to the closing price of HK$0.84 on the last trading day before suspension. The placement raises HK$70.56 million, with net proceeds of HK$68.76 million.
The net proceeds will be allocated as follows: (i) approximately 30% to support the Group’s strategic transformation and upgrading of its traditional property business through integration into the Web3 ecosystem; (ii) approximately 25% for selective acquisitions or investments in enterprises and projects highly synergistic with the Group’s strategic transformation, to enhance its capabilities in artificial intelligence, digitalization, blockchain, and other beneficiary sectors; (iii) approximately 25% to expand strategic partnerships and geographic market coverage; and (iv) approximately 20% for general working capital purposes.
Deaso Property resumed trading this morning (25th). The ultimate beneficial owner of the subscriber is entrepreneur Lau Ho Yin.
