Gelonghui June 21, Xinhua Communications Media (00309.HK) announced that all the conditions of the placing agreement have been reached, and the placement was completed on June 21, 2022. The placing Agent has successfully placed a total of 126.2 million placing shares to not less than six Placees in accordance with the terms and conditions of the placing Agreement at a placing price of HK $0.063 per placing share.

The total amount of proceeds from the placing is HK $7.9506 million, while the net proceeds from the placing is about HK $7.7316 million. The company intends to use the net proceeds for general working capital and future business opportunities and investments.