Hong Kong's OSL Group raises US$300 million amid stablecoin anticipation
stablecoins
It was the largest publicly disclosed equity raise in Asia's digital-asset sector to date, the company said on Friday.
Hong Kong is set to allow stablecoin issuance under
new regulations that take effect on August 1. Excitement over the change prompted Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, to issue
a warning on Wednesday, cautioning against 'excessive market and public opinion speculation'.
OSL's major shareholder Crown Research Investments sold 101.19 million existing shares at HK$14.90 per share, a 15.34 per cent discount to the closing price on Thursday, according to a filing with the Hong Kong stock exchange. The same number of shares will be reissued to the seller at the same price through a top-up subscription.
The shares represent 16.14 per cent of OSL's existing issued share capital and 13.9 per cent of the issued share capital as enlarged by the allotment and issue of the top-up shares.
The company's Hong Kong-traded stock dropped 6.6 per cent to HK$16.44 in the morning trading session on Friday.
OSL also issued 9.34 million new shares to two independent investors, WK Triangulum Investment and Brand Wisdom, which have agreed to subscribe to 2.63 million shares and 6.71 million shares, respectively.
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