According to the Zhitong Finance App, Xinda Holdings (08471) announced that the placement was completed on May 2, 2024. According to the terms and conditions of the placement agreement, the placement agent successfully placed a total of 70 million shares to six independent undertakers at the placement price of HK$0.07 per share, which is equivalent to 7.37% of the company's issued share capital immediately prior to the placement; and the company's issued share capital which expanded after allocating and issuing 70 million placements on the date of this announcement.

The total proceeds and net proceeds from the placement were HK$4.9 million and approximately HK$4.7 million respectively. Approximately HK$3 million is expected to be used to develop online sales channels for functional textiles manufactured by the Group, including advertising and production costs for functional textiles manufactured by the Group, payment of cooperation fees, deposit and product listing fees to major e-commerce platforms in China, hiring anchors (commonly known as “KOL”) to promote functional textiles through online sales platforms and social media platforms, setting up live streaming rooms, and purchasing related live streaming equipment; and the balance of about HK$1.7 million will be used as the company's general working capital.