According to the Zhitong Finance App, R&F Real Estate (02777) announced that on December 19, 2019, the company used placement agents to induce purchasers to subscribe for a total of 273 million new H shares according to the full underwriting basis, which is equivalent to about 21.19% and 7.81% of the total number of issued H shares and the total number of issued shares after allotment and expanded placement shares.

The placement price of HK$13.68 per share was approximately 7.19% off of HK$14.74 per H share from the closing price reported on the Stock Exchange on the last trading day;

Assuming that all of the placed shares are placed, the total proceeds from the placement are expected to be approximately HK$3,735 billion. The company intends to use the net proceeds of the placement (after deducting related expenses and expenses) to repay the company's overseas debt financing. The company may use its own funds to repay such debts according to actual and maturity conditions, and replace them after the funds raised are in place. The funds raised this time will not be used to repay loans for residential development and construction.

Furthermore, the company has applied to the Stock Exchange to resume trading of H shares at 9:00 a.m. on December 20, 2019.