On December 23, Connet Optical announced on the Hong Kong Stock Exchange that on December 22, 2024, the company signed a placement agreement with the placement agent, whereby the company conditionally agreed to place, and the placement agent (as the company's agent) conditionally agreed to facilitate the subscribers to subscribe for 53.325 million placement shares at a placement price of 15.86 HKD per share. The subscribers and their ultimate beneficial owners are independent third parties. Assuming all placement shares are fully placed, the total amount expected to be raised from the placement is approximately 0.846 billion HKD, while the net proceeds (after deducting related placement commission and other related expenses, including (among others) professional fees) are expected to be about 0.828 billion HKD. The expected net proceeds from the placement will be used for the research, design, and manufacturing of lenses and visual solutions for Asia Vets glasses and XR headsets.