Wanxing Holdings (08093) announced that on November 15, 2023, the company entered into a subscription agreement with the subscribers (Xie Ming and Zhang Jingping). According to the terms and conditions contained in the subscription agreement, the subscribers have agreed to subscribe under conditions, and the company has already agreed to distribute and issue 77.6 million subscription shares at a subscription price of HK$0.12 per share, accounting 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.