According to Zhitong Finance App, China Tianchemical (00362) announced that on May 20, 2024, the company plans to place up to 300 million shares to no less than six undertakers through placement agents, accounting for about 22.2% of the expanded share capital. The placement price was HK$0.1 per share, a discount of approximately 2.0% from the closing price of HK$0.102 per share on the day.

Assuming that all of the placed shares are fully placed, a net raise of approximately HK$29.4 million, HK$24 million will be used to repay the Group's debts and interest expenses, and HK$5.4 million will be used as the Group's general working capital.