What’s the deal? Pinestone Capital, a Hong Kong-listed financial services group, has completed a share placing that raised net proceeds of about HK$39.13 million (roughly $5 million). It placed 7,890,000 new shares at HK$5.22 each to at least six independent investors.

Where’s the money going? The company plans to direct around 40% of the net proceeds to expand its margin financing business and 10% to grow money lending operations. A further 40% is earmarked for a virtual asset licence application and AI implementation, with the remaining 10% for general working capital.

The fine print: The new shares represent 11.47% of Pinestone’s enlarged share capital, and no placee becomes a substantial shareholder. The placing slightly dilutes…