Huiying Holdings (00821) announced that on February 22, 2024, the company plans to place a maximum of 244.2 million shares to no less than six share assignees through placement agents, at HK$0.12 per share, a premium of about 1.69% over the closing price of HK$0.118 per share. Assuming that the placement agent successfully places all of the placed shares, the net raise is approximately HK$28.3 million, which is intended to be used for general working capital (including but not limited to leasing expenses, remuneration expenses and other office expenses).
On the same day, Xingfeng Co., Ltd., an indirect wholly-owned subsidiary of the company, plans to acquire 24% of Zhanhua Jiutai Gas Co., Ltd.'s shares from Beijing Zhonglu Longxiang Investment Co., Ltd., at a cost of HK$30 million. Each share will be settled through the company's issuance of convertible bonds for shares of HK$0.12. If the convertible bonds are fully exercised, the company will allocate and issue up to 250 million new shares.