Zhitong Finance App News, China New Consumer Group (08275) issued an announcement. All conditions set out in the placement agreement have been met, and the placement was completed on February 8, 2024. A total of 80 million shares have been successfully placed by the placement agent to no less than six undertakers at the placement price of HK$0.176 per share in accordance with the terms and conditions of the placement agreement, accounting for approximately 16.67% of the issued share capital of the company which expanded through allotment and issuance of placement shares immediately after the completion of the placement.
The net proceeds from the placement were approximately HK$13.39 million. The Company intends to use the net proceeds from the placement for the following purposes: about 74.68% of the net proceeds from the placement will be used as the share capital of the Company's subsidiaries to be used for the Group's oil trading business; and approximately 25.32% of the net proceeds from the placement will be used to supplement the Group's general working capital.