Yunfeng Financial, indirectly held by Jack Ma, raises HK$1.17 billion through share placement to support the launch of virtual asset trading and related investment management services.

Jinse Finance reported that Yunfeng Financial, indirectly held by Jack Ma, announced the placement and issuance of a total of 191 million new shares through a top-up placement at a price of HK$6.1 per share, raising approximately HK$1.17 billion. The purpose of this placement is to expand the company's shareholder and capital base, and to increase the liquidity of the company's shares in the market. The funds raised will mainly be used for the Group's system facility upgrades, talent recruitment, and related capital requirements, including but not limited to the launch of comprehensive virtual asset trading services and virtual asset-related investment management services.