Gelonghui on December 18|Duoniu Technology (01961.HK) issued an announcement that the placement was completed on December 18, 2023. The placement agent has successfully placed a total of 16.9 million placed shares to an individual contractor, the investor and an independent third party, Lo Yiu-lung, at the placement price of HK$1.775 per share in accordance with the terms and conditions of the placement agreement. The 16.9 million placed shares are equivalent to approximately 2.76% of the company's existing issued share capital immediately before completion of this announcement and approximately 2.68% of the issued share capital after the allotment and issuance of shares expanded. The net proceeds from the placement were approximately HK$30 million and HK$29 million, respectively. The Company intends to use the net proceeds as the Group's working capital.