Zhitong Finance App News, Lianzhong (06899) announced that on December 28, 2023 (US time), AGAE, an indirect non-wholly-owned subsidiary of the company (its shares are listed on the US NASDAQ), announced that AGAE has entered into a share purchase agreement with strategic investor Elite Fun Entertainment Co., Ltd., which relates (including) to issue and sell subscribed shares at a purchase price of 0.9 US dollars (equivalent to approximately HK$7.02) per share. Under the share purchase agreement, the total purchase price of subscribed shares was approximately US$6.597 million.

According to the announcement, AGAE plans to use the net proceeds from targeted increases for business expansion, potential business cooperation with strategic investors, and other corporate purposes. The board of directors believes that this targeted increase is beneficial to both the company and AGAE as AGAE raises additional capital to invest in its potential future growth and expansion opportunities. As a result, this will benefit the company as a major shareholder of AGAE.