Xinniu Technology (09600) announced that all conditions of the placement agreement have been met, and the placement was completed on May 14, 2024. A total of 157 million shares have been successfully placed by the placement agent to no less than six undertakers at the placement price of HK$0.28 per share in accordance with the terms and conditions of the placement agreement.
The net proceeds from the placement (after deducting placement commissions and other related expenses) are approximately HK$43.6 million and will be used to supplement the Group's general working capital.