TechFlame reports that Yunfeng Financial, which is indirectly owned by Jack Ma, announced that it will place and issue a total of 191 million new shares using the old and new methods. The placement price is HK$6.1 per share, and the total capital raised is about HK$1.17 billion. The purpose of this placement is to expand the company's shareholders and capital base, and increase the liquidity of the company's shares in the market. The amount raised is mainly 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.