Summary by Futu AI
In the share offering memorandum of Hengyu Group Holding Limited (the "Company") dated May 20, 2024, each shareholder holding one share of the consolidated stock will be allotted four shares of the offer shares. However, the Company discovered a clerical error in its announcement dated June 11, 2024, in which the number of offer shares not subscribed was 220,398,609 shares, instead of 220,399,609 shares as previously announced. The Company announced on June 19, 2024 that these unsold offer shares have been successfully placed to 16 independent placing agents at the price of HK$0.68 per share. After the completion of the share offering and placing, the total amount raised by the Company was approximately HK$157,850,000, and the net amount was approximately HK$155,260,000 after deducting relevant expenses. The net proceeds will be used to repay bank loans, overdrafts and other payables of the Group, as well as for general working capital. The offering became unconditional on June 20, 2024 and the stocks are expected to be dispatched to the shareholders on June 27, 2024.