Zhongguo Hongguang (08646) announced that in order to support the business development of the company, Mingliang Global has entered into a subscription agreement with the company on September 4, 2024. The company intends to issue a total of 0.15 billion shares of Mingliang Global at a subscription price of HK$0.286 per share, representing a discount of approximately 42.80% from the closing price of HK$0.50 per share quoted by the Stock Exchange on September 4, 2024.

In addition, the company intends to issue 0.1 billion shares of subscription shares to the independent subscriber at a subscription price of HK$0.286 per share.

The total fundraising amount for the subscription of shares is approximately HK$75 million, with a net amount of approximately HK$71.093 million, which is intended for the company's general operational funds, repayment of bank loans, and the development of potential business projects.

As of the date of this announcement, Mingliang Global holds approximately 54.41% of the company's issued share capital, making it an associate of the company. After the completion of the subscription, Mingliang Global will hold approximately 0.4 billion shares of the company, with a shareholding ratio of 56.38%.