Ruicheng Media completes convertible bond placing, raises HK$256.63m

** Qian Xun Technology Limited (HKEX: 1640), formerly Ruicheng (China) Media Group, has completed the placing of convertible bonds under a specific mandate, raising a total of HK$256.63 million. The convertible bonds were successfully issued and placed to at least six independent parties on February 28, 2025. Upon full conversion at the initial price of HK$2.60 per share, 98,703,846 conversion shares will be issued, representing approximately 17.63% of the existing shares and 14.98% of the enlarged share capital. The company plans to allocate HK$179.64 million for the development of new business, including HK$128.145 million for overseas expansion and HK$51.258 million for existing operations in China. An additional HK$51.258 million will be used to repay bank borrowings, with the remaining HK$25.629 million allocated for general working capital.