TechFlow news, August 29 — According to a Hong Kong Stock Exchange announcement, International Business Settlement Holdings Limited (00147.HK) has signed subscription agreements with no fewer than six professional investors to issue approximately 2.782 billion new shares at HK$0.18 per share, expecting to raise net proceeds of about HK$500 million.
The announcement revealed that around 90% of the funds raised (HK$450 million) will be allocated to exploring cryptocurrency investment opportunities, including cryptocurrency mining operations, cryptocurrency trading, and investments in computing power generated by mining equipment, as well as expanding into the Web3 sector. Previously, the company announced it would invest HK$70 million in a joint venture focused on crypto-asset-related businesses.
The company stated that this fundraising will provide sufficient capital to further expand its cryptocurrency-related businesses and other fintech projects in the near term.
