According to Zhitong Finance App, Yichen Group (08365) announced that on February 23, 2024, the company plans to issue a total of 7.136 million new shares to subscribers, which is equivalent to about 16.7% of the expanded company's issued share capital.
The subscription price was HK$1.40 per subscription share, a 47.4% premium over the closing price of HK$0.95 per share on February 23. Proceeds from the subscription will be HK$9.994 million. The company intends to use the proceeds from the subscription as the general working capital of the Group.
The subscriber, Mr. Gan Fanglun, is a business owner and an investor in the capital markets of Hong Kong, China and mainland China. Following completion, Mr. Gan Fanglun will be appointed as the company's senior management to act as a consultant for the Group's business development.