According to the Zhitong Finance App, Xinniu Technology (09600) announced that on May 7, 2024, the company plans to place a maximum of about 157.3 million shares at the placement price of HK$0.28 per share at a placement price of HK$0.28 per share through an placement agent, accounting for about 16.67% of the expanded share capital. The placement price is discounted by about 17.65% from the closing price of HK$0.34 per share on the same day.

Assuming that up to approximately 157.3 million shares of the placed shares have all been placed, a net raise of about HK$43.6 million is intended to supplement the Group's general working capital.