Intuitive Investments Group Plc (LSE:IIG) shares rose 10% to 113.5p after the firm entered into a £30 million equity investment agreement to fund the phased rollout of its portfolio company Hui10 Inc’s paperless lottery platform in China.
The funding agreement is with UK-based Helikon Investments Ltd, which will be delivered in three tranches, contingent on strategic milestones.
The first tranche of £5 million will be unlocked upon announcement of a contract with the China Financial Certification Authority (CFCA).
A second £7.5 million will follow once the Ministry of Finance instructs the launch of a paperless lottery pilot, and the final £17.5 million will be triggered upon instruction for nationwide rollout.
The investment aims to support Hui10's expansion across over 200,000 lottery-only outlets in China via UnionPay-certified point-of-sale infrastructure, and to grow its omnichannel platforms, including Lucky World and Lottery HongBao.
Sir Nigel Rudd, chairman of Intuitive Investments, said: “This funding gives Hui10 the financial resources to deliver at national scale, with both commercial reach and regulatory credibility.”
The agreement includes pricing provisions based on a discount to VWAP or pre-set valuations and runs until 31 August 2027.