Hong Kong listed company Jiufang Zhitou plans to raise HKD 746 million through a rights issue to invest in stablecoin operators

According to the announcement from the Hong Kong Stock Exchange, Hong Kong listed company Jiufang Zhitou announced its intention to issue up to 20 million shares at a price of HKD 39.25 per share, with an expected net proceeds of HKD 746 million. The funds will be used to cultivate and develop on chain financial resources, strategically investing in RWA underlying assets, digital asset exchanges, digital asset trust banks, and stablecoin operating entities. In addition, the company also stated that it will lay out digital asset services, build a digital asset trading and asset management underlying architecture, develop digital asset investment services for C-end customers, explore new models of digital asset investment advisors, and supplement working capital.