According to the Zhitong Finance App, Xinhua News Media (00309) announced that all conditions of the placement agreement had been met, and the placement was completed on June 21, 2022. The placement agent has successfully placed a total of 129 million shares to no less than six contractors in accordance with the terms and conditions of the placement agreement. The placement price is HK$0.063 per share, which is equivalent to about 6.99% of the company's current issued share capital before completion; and about 6.54% of the company's issued share capital expanded through distribution and issuance of shares after the completion of the placement.

The total amount of proceeds from the placement was HK$7.7506 million, while the net proceeds from the placement (after deducting placement commissions and other related expenses and professional expenses) were approximately HK$7.73616 million. The company intends to use the net proceeds in question as general working capital and future business opportunities and investments.