sunac announced on October 17, 2024, that it had entered into a placement and subscription agreement with the seller Sunac International Investment Holdings Limited and the placing agent CICC. Under the agreement, the placing agent will place no more than 489,000,000 existing shares at a price of HK$2.465 per share, representing approximately 5.60% of the company's existing issued share capital. At the same price, the seller will subscribe for an equivalent amount of new shares, representing approximately 5.31% of the expanded issued share capital. This transaction is expected to bring in approximately HK$1.205 billion for sunac, mainly to support long-term solutions for domestic corporate bonds and general operational funding. The completion of the placement and subscription is subject to the satisfaction of multiple...Show More

sunac announced on October 17, 2024, that it had entered into a placement and subscription agreement with the seller Sunac International Investment Holdings Limited and the placing agent CICC. Under the agreement, the placing agent will place no more than 489,000,000 existing shares at a price of HK$2.465 per share, representing approximately 5.60% of the company's existing issued share capital. At the same price, the seller will subscribe for an equivalent amount of new shares, representing approximately 5.31% of the expanded issued share capital. This transaction is expected to bring in approximately HK$1.205 billion for sunac, mainly to support long-term solutions for domestic corporate bonds and general operational funding. The completion of the placement and subscription is subject to the satisfaction of multiple conditions, not guaranteed, shareholders and potential investors should act cautiously. Sunac is a leading real estate developer in China, with involvement in property management, ice and snow operation management, among other areas. The company faces financial pressures including a large amount of outstanding loans coming due and multiple legal disputes. The board of directors believes that the completion of the placement and subscription will help alleviate the company's debt pressure and drive business recovery.