Zhitong Finance App News, China Creative Holdings (08368) issued an announcement. On February 19, 2024, the company entered into a placement agreement with the placement agent. The company conditionally agreed to place up to 49.41 million placement shares to no less than 6 undertakers (all of whom and their ultimate beneficial owners are independent third parties) through the placement agent, at a placement price of HK$0.50 per share.

Placed shares account for about 8.55% of the total number of issued shares expanded through full allotment and issuance of placed shares. The placement price of HK$0.50 per placed share is approximately 18.03% off of the closing price of HK$0.61 as reported by the Stock Exchange on February 19.

According to the announcement, assuming that all placement shares are successfully placed by the placement agent, the maximum net proceeds from the placement are estimated to be approximately HK$23.3 million. The company plans to use the net proceeds to supplement the Group's working capital and fund investment in series, film production and related services, and film copyright.