Wanxing Holdings (08093) issued an announcement. On November 15, 2023, the company and subscribers (Xie Ming and Zhang...
According to the Zhitong Finance App, Wanxing Holdings (08093) announced that on November 15, 2023, the company signed a subscription agreement with the subscribers (Xie Ming and Zhang Jingping). According to the terms and conditions contained in the subscription agreement, the subscribers had conditions to agree to the subscription, and the company already agreed to distribute and issue 77.6 million subscription shares. The subscription price is HK$0.12 per share. The subscribed shares account for about 13.25% of the expanded total number of issued shares.
The subscription offers an opportunity to raise additional capital for the Group's business operations. Proceeds from the subscription will be used to repay a number of outstanding loans of the Group, while the balance will be used for general working capital and for the development of the Group's business.
The subscription was an opportunity for the Group to reduce its liabilities and expand the company's equity capital base and shareholder base. Therefore, the directors believe that the subscription matters are in the overall interests of the company and shareholders.