Zhitong Financial APP News, Dynasty Wine Industry (00828) issued an announcement that all the prerequisites have been met, and the completion has been implemented on July 31, 2023. A total of 160 million subscription shares have been successfully placed to subscribers at the subscription price of HK $0.2475 per placing share. The subscription shares account for about 12.83% of the issued share capital of the company immediately before completion, and about 11.37% of the issued share capital of the company immediately after completion after the expansion of the allotment and issue of subscription shares.
The net proceeds from the subscription was HK $37.9 million. The company intends to spend 50% (about HK $18.9 million) of the proceeds on the construction of a new winery in Ningxia Hui Autonomous region of China, and 50% (about HK $18.9 million) of the proceeds on promotion and marketing in the company's core markets and other general corporate purposes.