Smart-Core reallocates HK$23.9m IPO funds to AI and edge computing

Smart-Core Holdings Limited announced a change in the use of HK$23.9 million in unutilized IPO proceeds, pivoting from enhancing its e-commerce platform to investing in AI-related initiatives. The board believes AI is shaping the future and related businesses will maintain rapid growth, prompting this strategic shift.

The reallocated funds will be directed towards developing solutions for smart terminals, edge computing, and other related areas. Additionally, a portion will be invested in the distributive authorization and marketing of AI-related chips. The company expects these funds to be fully utilized by December 31, 2028.

This decision aligns with the group's business strategies, aiming to deploy financial resources more effectively. The board stated that this change is fair and reasonable, will not materially adversely affect existing business operations, and is in the best interest of the company and its shareholders.