On September 8, 2021, GLONGHUI | China Public Procurement (01094.HK) announced that on September 8, 2021, the company signed a subscription agreement with the subscriber Dongfeng Global Co., Ltd. According to this, the subscriber has agreed to subscribe, and the company has agreed to distribute and issue subscribed shares (that is, 48 million new shares), which is equivalent to about 19.98% of the company's current issued share capital; and about 16.65% of the issued share capital after distribution expansion. The subscription price was HK$0.361 per share, a discount of about 19.78% from the closing price on September 8 (i.e. HK$0.45).

The directors believe that the subscription will improve the Group's working capital situation. It is estimated that the net proceeds from the issuance of subscribed shares will be approximately HK$17.58 million. The company intends to use the net proceeds to enhance its general working capital to support the day-to-day operation of the Group's existing business.