TechFlow news, on September 16, Yunfeng Financial Group announced a placing of 191 million new shares on a "placing and subscription" basis, at a price of HK$6.1 per share, raising approximately HK$1.17 billion. The placement aims to broaden the company's shareholder and capital base and enhance market liquidity of its shares. The proceeds will be primarily used for upgrading the group's system infrastructure, talent recruitment, and other capital requirements, including but not limited to launching comprehensive virtual asset trading services and virtual asset-related investment management services.
Earlier, Yunfeng Financial allocated USD 44 million to purchase 10,000 ETH as reserve assets and has obtained approval from the Securities and Futures Commission of Hong Kong to provide virtual asset trading services. The board has also appointed Mr. Liang Xinjun, co-founder and former executive of Fosun International, as an independent non-executive director.
