According to Zhitong Finance App, China Tiangong Holdings (00428) announced that on May 13, 2024, the company plans to place up to 104 million shares to be placed, which is equivalent to about 14.63% of the company's expanded issued share capital. The placement price was HK$0.100 per share, a discount of approximately 2.91% from the closing price of HK$0.103 per share on May 13.

Assuming that the highest number of shares placed is placed, the total proceeds from the placement will be approximately HK$10.4 million, while the net proceeds from the placement will be approximately HK$10.2 million. Of the net proceeds from the placement, a total of about HK$6.7 million is intended to be invested in listed and/or unlisted securities, a total of approximately HK$2 million to repay short-term loans and pay interest, and the balance will be used as the Group's general working capital.