On September 6, Guolonghui announced that artgo holdings (03313.HK) signed a placement agreement with the placement agent on September 6, 2024. According to this agreement, the company plans to issue up to 0.1975 billion shares, the maximum number of shares for subscription equivalent to approximately 20.00% of the company's existing issued shares; and after the issuance, the expanded issued share capital is approximately 16.67%. The placement price is HKD 0.1140 per share, a discount of approximately 18.57% compared to the closing price of HKD 0.1400 per share on September 5.

The expected total amount of proceeds will be approximately HKD 22.52 million, and the net amount of the highest proceeds will be approximately HKD 22.19 million. The net amount of the proceeds from the placement is expected to be used as follows: (i) approximately HKD 4.69 million for the general operating capital of the group; and (ii) approximately HKD 17.50 million to repay the group's existing debt.