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Wealthking Bags $52 Million from New Investor; Shares Jump 5%

MT Newswires ·  {{timeTz}}

03:43 AM EDT, 06/28/2022 (MT Newswires) -- Wealthking Investments (HKG:1140) is poised to raise HK$406.1 million ($51.8 million) from a funding deal with a new investor, according to a Tuesday disclosure.

Hong Kong businessman Chen Jiabin agreed to subscribe to 812,263,200 shares in Wealthking at HK$0.50 each through his investment vehicle Hong Sheng Universe.

Upon completion of the capital infusion, Hong Sheng will become a substantial shareholder of Wealthking with a 10.12% stake.

The securities investor said it will use the proceeds for its long-term corporate investments and mid- or short-term investments in the secondary and debt markets.

The stock climbed over 5% in the afternoon trade.

Price (HKD): $0.50, Change: $+0.03, Percent Change: +5.32%

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