iDreamSky completes share placement, raises HKD72.18m

iDreamSky Technology Holdings Limited (HKEX:1119) announced the completion of its share placement under general mandate, issuing 100,252,800 new shares at a placing price of HKD0.72 per share. The placement generated gross proceeds of approximately HKD72.18 million, with net proceeds estimated at HKD70.19 million. The company intends to allocate the net proceeds towards the development and global distribution of its self-developed anime competitive shooting game "Strinova." Approximately 50% of the funds will be used for development expenditure, including R&D personnel and technology services, and 50% will support the global distribution. Following the placement, the public shareholders now own approximately 68.81% of the company. The company states that no placees are now substantial shareholders.