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‘Tycoon-designated Placing Agent' RaffAello back in action, raising fund for King of Cordyceps in HK

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EQS Newswire / 26/08/2022 / 09:56 UTC+8

‘Tycoon-designated Placing Agent' RaffAello back in action, raising fund for King of Cordyceps in HK

 

IPO deals in HK slump as the pandemic continues. 37 listed companies raised a total of only $38 billion through IPOs in the first seven months of 2022, down 85% from $255 billion y-o-y. Amid market downturn, only placing agent with strong network and capabilities can help raise capital.

 

A well-known entrepreneur in HK, Mark Chan, who is also known as the King of Cordyceps has just had his company, Easy Repay Finance & Investment Limited (“Easy Repay”) (HKSE:8079), undertake a Rights Issue to raise up to approximately HK$14.42 million by issuing up to 120,179,677 Rights Shares to the Qualifying Shareholders. RaffAello Securities (HK) Limited, which is also recognised as the “Tycoon-designated Placing Agent” is the placing agent of the right issue.

 

Previously, RaffAello Securities has been the placing agent for Palinda Group Holdings Limited (“Palinda Group”)(HKSE: 8179) to undertake a right issue to raise capital at the Subscription Price of HK$0.10 per Rights Share, on the basis of one Rights Share for every two existing Shares. The right issue received positive market response and after the right issue, the stock price of Palinda Group skyrocketed to HK$1.8 as at 25 Aug 2022. What is worth mentioning is that RaffAello has helped Palinda Group to attract China Asset Management Co. Ltd,. (“ChinaAMC), one of the largest asset manager in China with AUM over RMB 1 trillion, to invest in Palinda Group after the right issue. ChinaAMC Absolute Return Fund SP now owns 4.55% of Palinda Group.

 

As to why a giant Chinese asset manager would invest in a GEM board listed company in HK, it is obviously because they see the upside potential of Palinda Group, and to a certain extent, RaffAello Securities has once again played its part of Tycoon-designated Placing Agent, allowing funders to match with the undervalued projects or listed company in the market.



File: ‘Tycoon-designated Placing Agent' RaffAello back in action, raising fund for King of Cordyceps in HK

26/08/2022 Dissemination of a Financial Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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