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XXF Group Completes HK$151 Million Share Placement

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-- XXF Group (HKG:2473) completed a share placement to raise about HK$151 million in net proceeds, according to a Hong Kong bourse filing Tuesday.

Shares of the automobile finance lease firm gained over 3% in late morning trade Wednesday.

An existing shareholder, Glorypearl Capital Resources, placed 154.7 million shares at HK$0.98 each to at least six investors and XXF issued the same number of new shares to the seller under a top-up subscription at the same price.

The placing represented about 10% of the company's existing issued share capital, and 9.09% as enlarged by the sale.

Net proceeds will be used for vehicle procurement to support its automobile retail and leasing businesses, as well as general working capital.

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