LONG Investment Group Plans Up To HK$90.2 Million Rights Issue

LONG Investment Group (02312) said it plans to raise up to about HK$90.2 million through a rights issue on the basis of one rights share for every two shares held, according to ETNet. Chairman and non-executive director Cai Wensheng, who holds 26.54%, and major shareholder Jin Xin, who holds 15.19%, have given irrevocable undertakings to take up their full entitlements. Jin Xin also said it intends to apply for excess rights shares if the issue is undersubscribed. The rights issue price is HK$0.395 per share, the same as the previous close and about 31% above the net asset value of HK$0.30 per share at the end of July. The company said the offering will comprise up to about 228 million shares and will be conducted on a non-underwritten basis, with no minimum subscription level or minimum fundraising amount. LONG Investment Group said it plans to use about 90% of the net proceeds, assuming no material market volatility, by June next year to invest in listed and unlisted securities of companies in the AI and Web3 sectors, with the remaining 10% for general working capital.