Marketingforce Management (HKG:2556) plans to sell up to 1,000,000 new shares to not less than six investors at HK$110 apiece under a placement deal, according to a Wednesday filing with the Hong Kong Exchange.

Net proceeds of about HK$109.5 million, will be used to fund research and development of artificial intelligence large language models for marketing and sales, including improvements in its Tforce large language model, building its AI agent platform, and business applications.

The marketing and sales software solutions company also intends to use the proceeds for working capital.