SINOHOPE completed a HK$276 million private placement, and former HashKey executives appeared as the behind-the-scenes subscribers

SINOHOPE (01611.HK), a Hong Kong-listed company, recently announced that it has reached a subscription agreement with five subscribers to issue a total of 166 million new shares, accounting for 22.08% of the company's enlarged share capital after the issuance is completed. The subscription price per share is set at HK$1.66, which is nearly 30% (29.66%) lower than the closing price of HK$2.36 on June 27. It is expected to raise a total of approximately HK$275.6 million to support the company's business development and strategic expansion.

The announcement shows that this round of private placement has been participated by major existing and new investors. Among them, Avenir Investment, as one of the company's existing major shareholders, will increase its shareholding ratio from 29.08% to 29.84% after the completion of this subscription, further consolidating its controlling position in the company.

It is worth noting that LINEX Holdings Ltd. contributed the most in this round of subscription, with a subscription amount of HK$124 million. After the transaction is completed, it will hold approximately 10% of SINOHOPE's shares and become the company's second largest shareholder. According to the announcement, the actual controller of LINEX Holdings is Livio Weng, a former core executive of HashKey Group.

Weng joined HashKey Group in 2023 as Chief Operating Officer and the first CEO of its licensed trading platform HashKey Exchange. He previously served as CEO of Huobi Global (2018-2021) and has a deep background in crypto assets and compliant transactions. His participation in SINOHOPE through LINEX Holdings has attracted the market's attention to its next layout in the field of Web3 and virtual assets.

In addition to the above two companies, subscribers also include: Night Wood, which is wholly owned by the company's executive chairman, holding approximately 3.43% of the shares after subscription; TX Capital Holdings Ltd., which will hold 1%; and Rosen Holdings Ltd., which holds 0.48%.

SINOHOPE has been actively expanding in the fields of Web3, blockchain and digital assets in recent years. This private placement not only introduces strategic capital, but also brings industry-influential resource backgrounds. The company said that this round of financing will be used to strengthen the capital base, advance technological development, expand business scale and seize strategic opportunities in the integration of virtual assets and financial technology.