According to the Zhitong Finance App, Bauhinia International Finance (08340) issued an announcement. The company proposes to raise up to HK$53.8 million in total proceeds in the form of a share offering through the issuance of up to 448 million shares according to the “1 for 5” basis at a subscription price of HK$0.120 per share (assuming that the shares are fully subscribed).

Assuming that the number of shares issued remains unchanged on or before the record date, and that the offering is fully subscribed, the maximum net proceeds from the offering are expected to be approximately HK$52.8 million. The company plans to use about 56.8% of the net proceeds from the stock offering to repay group loans; about 24.6% to strengthen fleet construction; about 13.3% to expand the online game business; and about 5.3% to increase the group's general working capital.

As of the date of this announcement, the trading unit for each lot of existing shares traded on the Stock Exchange was 10,000 shares. The board of directors proposed that the trading unit for each lot traded on the Stock Exchange from 9:00 a.m. on June 20, 2024 be changed from 10,000 shares to 20,000 shares.