Member Article

BNN Technology pursues £25m placing plan to flourish in China

London-listed Chinese technology, content and services company BNN Technology is looking to raise up to £25m with a new placing, as it hopes to be one of the largest database platform providers in China.

The firm has announced its intention to establish and invest in both a student services platform and a credit rating services platform, with its Chinese key partner, to add to its existing content and payments platforms.

BNN’s investment into the two new platforms will be funded from the net proceeds of a conditional two-stage placing of new ordinary shares of 10 pence each in the company.

This will reportedly be undertaken by way of an accelerated book-build to raise up to £25m, before expenses, through Mirabaud Securities LLP.

Darren Mercer, Chief Executive of BNN Technology, explained: “I am delighted that our journey of transformation into a significant Chinese portal is moving apace.

“The initiatives announced today are truly transformational to BNN’s prospects, not only in terms of the major industry sectors in which we aim to participate, but also in progressing our ambition to build one of the largest database platform providers in the world’s second largest economy.

“Both these deals offer potential to create substantial shareholder value through additional revenue generation in both the medium and long term.

“When fully rolled out, we believe the very high quality of marketing data provided by the two platforms has the potential to deliver hundreds of millions of new users to our existing sales channels, enabling them to maximise returns, while also supporting the Group in achieving its core strategic goal of becoming a major internet portal.”

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