According to the Zhitong Finance App, Hong Shengchang Resources (01850) announced that on April 17, 2024, the company plans to place up to 28.8 million placed shares to the undertaker through placement agents at HK$0.56 per share, accounting for about 16.67% of the expanded share capital. The placement price will be discounted by about 20% from the closing price of HK$0.70 per share on April 17, 2024.

According to the announcement, the maximum net raise of the placement is about HK$15.488 million, which is intended to be used to repay bank and other loans, external debts, and the Group's general working capital.