Zhitong Finance App News, Huiying Holdings (00821) issued an announcement. On September 9, 2024, the company entered into a placement agreement with the placement agent. The company intended to submit a sale as a subscription, and the placement agent agreed to facilitate the subscription of the convertible bonds according to the terms and conditions set forth in the placement agreement and according to the best of its ability. The placement agent shall facilitate at least 6 undertakers to subscribe for convertible bonds with a total principal amount of up to HK$30 million during the placement period.

Assuming that the share exchange rights are exercised based on the initial conversion price of HK$0.10 (subject to adjustment), the company will allocate and issue up to 0.3 billion shares, which is equivalent to approximately 12.13% of the total number of issued shares at the date of the placement agreement; and approximately 10.82% of the total number of issued shares expanded through allotment and issuance of 0.3 billion share swaps (assuming that the total number of issued shares will not change from the date of the placement agreement until the conversion date of all convertible bonds).

The initial exchange price of HK$0.10 is approximately 194.12% premium per share over the closing price of the shares reported on the Stock Exchange at HK$0.034 on the date of the placement agreement.

Assuming that the placement agent successfully places all of the convertible bonds, the total amount of proceeds from the placement will be up to about HK$30 million. The maximum net proceeds from the placement will be approximately HK$29.2 million, which will be used to repay debts of approximately HK$6 million; and general working capital (including but not limited to rent, remuneration and other office expenses) of approximately HK$23.2 million.