Wing Lee signs $12.4M share placement for energy pivot

Wing Lee Development Construction has signed a share placement agreement to raise net proceeds of about HK$94.6 million (roughly $12.4 million), with most of the money earmarked for its new-energy business as revenue and profit decline across the group.

The Hong Kong-listed construction firm signed the agreement on October 28 to issue up to 100 million new shares at HK$0.97 each. The proposed shares represent 10% of its existing issued shares and will be offered to at least six independent investors on a best-efforts basis.

Wing Lee plans to direct 60% of the net proceeds toward battery storage, charging and battery-swapping stations, and energy infrastructure for AI data centres. The other 40% will provide working capital for its construction and engineering operations.

The allocation comes as the company's new-energy business grows despite weaker overall results. New-energy revenue rose 122.9% to HK$42.8 million in the year to March 2026, while group revenue declined 13.4% and net profit fell 66.8%.

Wing Lee said the raise will "strengthen its existing engineering business whilst capturing emerging opportunities in the renewable energy sector."

The placement reflects wider interest in Hong Kong's data-centre and power-infrastructure buildout. Goodman raised $455 million in September for local data-centre development.

For Wing Lee, however, the planned funding is not yet assured. The best-efforts arrangement does not guarantee the full amount will be raised, and proceeds remain conditional on completion. Its energy pivot also depends on turning growth in the business into contracts and earnings.

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