Gelonghui May 23 | Hengtai (00197.HK) said that all the conditions set out in the stock offering agreement have been fulfilled, and the share offering became unconditional on May 23, 2024 (Thursday).

As of 4:00 p.m. on May 16, 2024 (Thursday), the deadline for accepting applications for shares and payment of share payments, as well as applying for additional shares and payment of share payments:

(i) It has received a total of 8 valid acceptances for the provisional allotment of shares offered under the provisional quota notice, involving a total of 32,727,973 shares offered, which is equivalent to approximately 62.30% of the maximum number of 52,535,151 shares offered for sale under the offering; and

(ii) A total of 9 valid applications for additional shares under the additional application form have been received, involving a total of 21,816,086 shares, which is equivalent to approximately 41.53% of the maximum number of 52,535,151 shares that can be offered for sale under the offer.

In total, a total of 17 valid admissions and applications have been received, involving a total of 54,544,059 shares offered, which is equivalent to about 103.82% of the maximum number of 52,535,151 shares that can be offered for sale according to the offering. As a result, the offering was oversubscribed for 2,008,908 shares, which is equivalent to approximately 3.82% of the maximum number of 52,535,151 shares offered for sale based on the offering.

The total amount raised from the share offering is approximately HK$18,400,000, and the net proceeds from the share offering are estimated to be approximately HK$17,400,000 after deducting the estimated expenses relating to the share offering.

In view of the fact that the provisional allotment of shares offered under the above provisional quota notice has been effectively accepted, a total of 19,807,178 shares are available for additional applications under the additional application form, accounting for approximately 37.70% of the total number of shares offered. Since the number of additional shares that can be applied for is insufficient to meet all valid applications for additional shares under the additional application form, the allocation of 19,807,178 shares to eligible shareholders applying for additional shares is based on a fair and just basis, and to the extent practicable, in proportion to the number of additional shares applied for in each application. The company did not refer to the number of shares offered or existing shares held by eligible shareholders as a result of the application for a provisional quota notice. Furthermore, the company did not prioritize the processing of applications to supplement split shares with complete trading units.

In this regard, the board of directors has decided to allocate and issue 19,807,178 shares to those applying for additional shares in proportion to the total number of additional shares offered (i.e. 21,816,086 shares) applied for under the additional application form.