Gelonghui 10/20 丨Mandi Technology Co., Ltd. (01400.HK) announced that the preconditions set out in the placement agreement and supplementary agreement have been fulfilled. The placement was completed on October 20, 2023. The placement agent has successfully placed a total of 50.81 million placed shares to no less than six undertakers at a placement price of HK$0.950 per share.

The net proceeds from the placement were approximately HK$47.7 million, to be used by the end of December 2023: of this amount, approximately HK$36.7 million will be used to settle the Group's trade and other payables; approximately HK$6 million will be used to expand and develop the Group's fabric business; approximately HK$2 million will be used for legal and professional expenses; and approximately HK$3 million for other operating expenses.