Zhitong Financial App News, Zhuohang Holdings (01865) announced that all the conditions of the subscription Agreement have been fulfilled and a total of 184 million subscription shares have been allotted and issued to the subscribers on the date of this announcement in accordance with the terms and conditions of the subscription Agreement (i.e. 138 million subscription shares and 46 million subscription shares have been allotted and issued to subscribers An and B respectively).

The net proceeds from the subscription is about HK $87 million. The company intends to use the net proceeds to develop the business, future investment funds and general working capital of the Group's joint venture company and to repay the Group's liabilities. Immediately before the completion of the subscription, the company had 92000 issued shares. Upon completion of the subscription, 184 million new shares (equivalent to approximately 16.67% of the issued share capital of the Company as at the date of this announcement (enlarged by the allotment and issue of subscription shares) have been formally allotted and issued to the subscribers (listed as fully paid) at a subscription price of HK $0.475 per subscription share. As a result, the company has 1.104 billion issued shares immediately after the completion of the subscription.