According to the Zhitong Finance App, China Youzan (08083) announced that on April 2, 2019, the company signed a subscription agreement with 5 subscribers. The company distributed and issued a total of 1,719 billion shares to the subscribers at a subscription price of HK$0.53 per share, equivalent to about 12.5% of the total number of shares issued and 11.1% of the total number of shares issued after expansion.

The subscription price per share was HK$0.53, a 17.49% discount from the closing price of HK$0.64 on the 2nd. The net proceeds amount to HK$910 million. The Company intends to use the net proceeds for system upgrades, product development, marketing, advertising services and general working capital of the Group.

The subscribers are Poyang Lake Investment Limited, a wholly-owned subsidiary of Tencent (00700), Mega Prime Development Limited, GCYZ Holdings Limited wholly owned by Gaocheng Fund I, L.P., GCYZ Holdings Limited, wholly owned by Gaocheng Fund I, L.P., and Investments Fund Limited managed by Purchasing Capital Limited, and Elephas The Elephas Global Master Fund managed by Investment (Cayman) Limited subscribed to 1,037 million shares, 64,1509 million shares, 118 million shares, 250 million shares, and 250 million shares respectively.