GCL Technology to raise HK$5.4bn via new share issuance

GCL Technology Holdings Limited has announced a new share subscription to raise approximately HK$5.446 billion in gross proceeds, with net proceeds estimated at HK$5.392 billion after deductions. The company will issue 4,735,651,000 subscription shares at HK$1.15 per share, representing a discount of 8.73% to the last closing price of HK$1.26. This issuance will be carried out under the general mandate.

Infini Capital Management Limited, the subscriber, will acquire approximately 16.63% of the existing issued share capital, increasing to 14.26% of the enlarged share capital. Approximately 65% of the proceeds (HK$3,505 million) is designated for capital reserve, strengthening the second curve business, and optimizing capital structure. The remaining 35% (approximately HK$1,887 million) will be used for general working capital and debt repayment.

The completion of the subscription is conditional on various factors, including regulatory approvals from the Stock Exchange and CSRC filings. Shareholders and potential investors are advised to exercise caution as the subscription may or may not proceed.