According to Zhitong Finance App, Guonong Financial Investment (08120) announced that on May 20, 2024, the company plans to place up to about 151 million shares at the placement price of HK$0.045 per share to no less than six beneficiaries through placement agents, accounting for about 16.67% of the expanded share capital. The placement price is approximately 8.16% off HK$0.049 per share from the closing price of the day.

Assuming that all of the placed shares are placed, a net raise of approximately HK$6.48 million is intended to settle the Group's outstanding rent related expenses, repay the Group's outstanding loans and interest, and supplement the Group's general operating capital.