According to the Zhitong Finance App, Kuang Yi International (01683) announced that the company signed a termination agreement with the previous placement agent on November 23, 2021. The previous placement agreement will be terminated from November 23, 2021, and will no longer have any effect or effect. No party may bring any claim against the other party as a result of the termination of a prior placement agreement. There will be no placement of convertible bonds after the termination of the previous placement agreement.

After the termination of the previous placement agreement, there is no urgent need to recommend an increase in authorized share capital, so the proposed increase in authorized share capital will not take place.

Furthermore, on November 23, 2021, the company entered into a placement agreement with the placement agent. The placement agent agreed to make every effort to induce no less than 6 contractors to subscribe for a maximum of 120 million placed shares. The placement shares were equivalent to about 16.67% of the company's issued share capital after the allocation and distribution of placed shares on the date of this announcement; the placement price was HK$0.1 per share, a discount of about 9.91% compared to the closing price of each share of HK$0.111 on the date of the placement agreement.

According to reports, the net proceeds from the placement are estimated to be about HK$11.73 million, which is equivalent to the net issue price of about HK$0.098 per placed share. The company intends to use HK$8 million of net proceeds from the placement to support the Group's construction and ancillary services; and the remaining net proceeds from the placement will be used as the Group's general working capital.