On June 21, 2024, Shangtang Group Co., Ltd. (Shangtang) announced that the company had entered into a placement agreement with its placement agent in accordance with the general authorization passed by the shareholders at the annual meeting on June 23, 2023, to place 1,673,446,000 new Class B shares at a price of HK$1.20 per share. This placement will enlarge the number of Class B shares already issued by the company by approximately 6.06% and increase the total number of issued shares by approximately 4.76%. The placement price is about 9.1% lower than the closing price of HK$1.32 on the last trading day and about 12.2% lower than the average closing price of HK$1.37 in the past five trading days. The expected total amount of proceeds from the placement is...Show More

On June 21, 2024, Shangtang Group Co., Ltd. (Shangtang) announced that the company had entered into a placement agreement with its placement agent in accordance with the general authorization passed by the shareholders at the annual meeting on June 23, 2023, to place 1,673,446,000 new Class B shares at a price of HK$1.20 per share. This placement will enlarge the number of Class B shares already issued by the company by approximately 6.06% and increase the total number of issued shares by approximately 4.76%. The placement price is about 9.1% lower than the closing price of HK$1.32 on the last trading day and about 12.2% lower than the average closing price of HK$1.37 in the past five trading days. The expected total amount of proceeds from the placement is about HK$200.8 million, and the net amount after deducting relevant costs is about HK$199.5 million. The company stated that the proceeds from the placement will be used to support the group's continuing development and business growth. After the placement is completed, the company's public shareholding will be no less than 25% of the expanded issued share capital. The placed shares will be applied for listing on the Stock Exchange of Hong Kong and will be filed with the Chinese regulatory authorities. The placement is subject to several conditions, including obtaining the approval of the Listing Committee, and may or may not proceed.