International Commercial Settlement Holdings plans to raise HKD 500 million, with 90% allocated for cryptocurrency and Web3 investments

ChainCatcher news, according to the announcement from the Hong Kong Stock Exchange, International Commercial Settlement Holdings Limited (00147.HK) has signed subscription agreements with no less than six professional investors to issue approximately 2.782 billion new shares at a price of HKD 0.18 per share, expecting to raise a net amount of about HKD 500 million.

The announcement shows that approximately 90% (HKD 450 million) of the raised funds will be used to explore cryptocurrency investment opportunities, including cryptocurrency mining operations, cryptocurrency trading, and investing in computing power generated from mining equipment, while also laying out plans in the Web3 field. Previously, the company announced an investment of HKD 70 million in a joint venture project primarily engaged in cryptocurrency-related businesses.

The company stated that this fundraising will provide sufficient capital for the company to further expand its cryptocurrency-related businesses and other fintech projects in the near future.