Yaoxing Technology Group (08446) issued an announcement. On December 18, 2023, the company and such subscribers (...
According to the Zhitong Finance App, Yaoxing Technology Group (08446) announced that on December 18, 2023, the company entered into such subscription agreements with such subscribers (Li Yuanming, Romanley and Yingxin Assets). The company conditionally agreed to distribute and distribute to such subscribers in accordance with general authorization, and these subscribed parties also conditionally agreed to subscribe for a total of 81.32 million shares at a subscription price of HK$1.03 per share. The subscribed shares accounted for about 9.9% of the company's issued share price after the expansion. Discount from the closing price of HK$1.24 per share on December 18 16.9%.
The net proceeds from the subscription event are estimated at approximately HK$83.2 million. The company intends to use the net proceeds for general corporate and working capital purposes.
In order to maintain the level of liquidity so that there is sufficient capital to seize any business opportunities that may arise from time to time, the directors believe that the subscription event is an opportunity to raise additional capital to maintain the working capital and business operations of the Group. The subscription will also strengthen the capital base and financial position of the Group for future business development and expand the company's shareholder base.