Spending 15 billion yuan in just three months to shake up the Hong Kong stock market, who are Qian Tao and his Wuji Capital?

Tony Chin and his Infini Capital in Hong Kong have been highly noticeable in the Hong Kong stock market since the beginning of this year. This financier, born in Shanghai and raised in Hong Kong, has joined hands with Middle Eastern consortium funds. In the past three months, through Infini Capital, he has cumulatively invested nearly HK$15 billion in several well - known Hong Kong - listed companies, making bold moves.

Tony Chin's latest target is Weimob Group.

On September 18, Weimob Group (2013.HK) issued an announcement stating that the company had signed a subscription agreement with Infini Capital. It will issue 688 million shares to Infini Capital at a price of HK$2.26 per share, with a total consideration of approximately HK$1.556 billion.

Compared with the closing price of HK$2.48 per share on the signing date of the subscription agreement (September 17), the offering price has a slight discount of 8.87%.

Weimob Group said that the proceeds from this fundraising will be mainly used in four directions, including exploring the integration and application of AI in SaaS, strengthening publicity and marketing, expanding overseas business, and supplementing working capital.

After the placement is completed, Infini Capital will become the largest single shareholder of Weimob Group, holding 16.00% of the shares. The shareholding ratio of the major shareholder group composed of the three founders, including Chairman Sun Taoyong, Executive Director Fang Tongshu, and President You Fengchun, will decrease from 8.08% to 6.79%.

On the day of the announcement, Weimob Group's stock price rose, closing 4.84% higher at HK$2.60 per share, with a total market value of HK$9.4 billion. The next day, the company's stock price continued to soar, rising more than 12% at one point during the session.

Weimob Group is a third - party service provider for small and medium - sized enterprises, mainly providing SaaS products for small and medium - sized enterprises based on the WeChat ecosystem. Six years ago, Weimob Group was listed on the Hong Kong Stock Exchange and was known as the "first stock of new - economy SaaS".

It is worth noting that Weimob Group was reduced by Tencent in January this year, with the shareholding ratio decreasing from 8.39% to 2.94%. Roughly calculated, Tencent cashed out approximately HK$630 million from Weimob Group, and the stock price of Weimob Group was at a relatively high level in the past two years when Tencent reduced its holdings.

In recent years, Weimob Group has continued to report losses. From 2022 to 2024, the company's revenues were 1.839 billion yuan, 2.228 billion yuan, and 1.339 billion yuan respectively; the net losses attributable to the parent company were 1.829 billion yuan, 758 million yuan, and 1.728 billion yuan respectively.

In the first half of this year, Weimob Group's operating income was 775 million yuan, a year - on - year decrease of 10.6%; the net loss attributable to the parent company was 33 million yuan, a year - on - year narrowing of 94.0%. During the same period, the company's adjusted net profit was 17 million yuan, achieving a successful turnaround since 2021.

Behind Weimob Group's turnaround, the company is "increasing revenue and reducing costs". On the one hand, it has cut low - margin TSO services and financial businesses to improve profitability. On the other hand, it has increased investment in AI to boost related revenues. The financial report shows that in the first half of this year, Weimob Group's AI - related business achieved revenues of 34 million yuan, driving the revenue of its subscription solution business to rebound quarter - on - quarter. After Weimob Group raises funds through placement this time, it will also allocate some funds to develop AI business.

Frequent Moves by Infini Capital

Infini Capital in Hong Kong was established in 2015. Its founder and investment director is Tony Chi, who once worked in financial institutions such as Morgan Stanley and HSBC in his early years. Tony Chi is also the owner of the Hong Kong Golden Bull Basketball Club, which was established in 2023.

In 2024, Infini Capital set up an office in Abu Dhabi and started cooperation with Middle Eastern funds. Tony Chi said that the company is actively promoting cooperation with Middle Eastern sovereign wealth funds and innovatively building a capital channel between Middle Eastern sovereign funds and Chinese hard - tech companies. As well - known "patient capital" globally, Middle Eastern sovereign wealth funds have always had a strong interest in the technology industry. Relying on its dual headquarters in Hong Kong and Abu Dhabi, Infini Capital will further build cross - border capital channels and deeply integrate into the new development pattern.

After that, Infini Capital began to increase its investment in the Hong Kong stock market, and most of its investment targets have attributes such as AI and hard - tech.

In September 2024, the company subscribed for 63.3333 million shares of CMGE at a price of HK$0.9 per share. In November of the same year, Infini, a fund under Infini Capital, also appeared on the list of cornerstone investors of SF Holding.

Since the beginning of this year, Infini Capital has further expanded its investment. In June this year, the company appeared on the list of cornerstone investors of two Hong Kong IPO companies, Caocao Chuxing and Lens Technology. Since July, Infini Capital has successively participated in the investment of several Hong Kong - listed companies, including Fourth Paradigm, SenseTime Group, China Ruyi, GCL Technology, and Weimob Group.

In less than three months, Infini Capital has provided nearly HK$15 billion in funds to Hong Kong - listed companies through placement.

In addition, at the end of August this year, Ubtech Robotics, the leader in humanoid robots, officially announced that it had signed a strategic partnership agreement worth US$1 billion with Infini Capital. Infini Capital will provide Ubtech Robotics with a strategic financing credit line of up to US$1 billion, and the financing methods include participating in placement, subscribing for convertible bonds, and granting cash withdrawal rights. Infini Capital will increase its holdings of Ubtech Robotics' shares at an appropriate time and become an important shareholder of Ubtech Robotics with a shareholding ratio of no more than 5%.

Coincidentally, Ubtech Robotics is also one of Tencent's invested companies. At the beginning of the year, when Tencent reduced its holdings in Weimob Group, it also reduced its holdings in Ubtech Robotics, with the shareholding ratio decreasing from 8.05% to 2.08%, cashing out more than HK$1 billion.

This article is from the WeChat official account "Damofinance" (ID: damofinance), author: Damofinance, published by 36Kr with authorization.