HONG KONG, Jan. 8, 2025 /PRNewswire/ -- On January 7, Hong Kong-listed Yeahka (9923.HK) announced a proposal to issue and place 19.15 million shares to raise capital from external investors for expanding the Group's overseas operations and artificial intelligence (AI) business. The offering has been completed, with participation from several internationally renowned long-term and multi-strategy funds. The subscription was significantly oversubscribed, with demand exceeding several times the offering amount.
According to the announcement, approximately 40% of the net proceeds from the subscription will be used to expand the Group's overseas footprint in various business sectors across Asia. Another 40% will be allocated to investment in research and development, particularly focusing on integrating AI into proprietary software to enhance the competitiveness of the Group's digital business ecosystem. The remaining 20% will be used for working capital and general corporate purposes.
Yeahka is a technology platform based on payment services, listed on the Hong Kong Stock Exchange in June 2020. Its main business segments include one-stop payment services, merchant solutions, and In-store e-commerce services.
Overseas expansion has been a key focus for Yeahka in recent years. In 2024, the company's overseas business maintained rapid growth in the first three quarters, with third-quarter overseas Gross Payment Volume (GPV) increasing by nearly 50% year-on-year. Yeahka continues to expand its customer base, attracting internationally recognized brands such as Bvlgari, Chow Tai Fook, Rolex, MCM, and Bee Cheng Hiang, among others.
In a recent disclosure, Yeahka revealed that its payment brand became a member of UnionPay International in October 2024 and has begun technical integration. Previously, Yeahka had already connected to Visa and Mastercard payment channels. In terms of clients, compared with the domestic market, Yeahka has broken industry boundaries to acquire clients in new sectors such as automotive and watches, as well as additional high-profile international brands.
Furthermore, through its subsidiary Fushi Technology, Yeahka has broadened its service offerings, jointly promoting digital merchant solutions. As of now, its client portfolio includes over 200 global and regional brands, such as Starbucks, MUJI, Pizza Hut, New Balance, Levi's, KOI, Mr. Coconut, and more, spanning Southeast Asian markets like Singapore, Indonesia, Vietnam, and Malaysia, with over 20,000 retail locations.
Notably, Fushi Technology has revealed plans to launch an AI Agent application tailored for the restaurant industry in Southeast Asia, aimed at helping businesses enhance efficiency and refine operations. The application is planned to land its first Singaporean brand client in the first half of 2025. Moving forward, Fushi will collaborate with Ascentis, a leading Singaporean CRM company it has acquired, to develop and deploy AI-driven marketing agents. This innovation will enable businesses to autonomously plan and execute marketing campaigns and manage customer relationships using natural language processing.