Zhixin Finance APP news, Asia Allied Inf (00711) and Modern Living (08426) jointly announced, the board of directors of Asia Allied Inf happily announced that all conditions of the placement have been met and completed on October 28, 2024.

A total of 0.168 billion shares of Modern Living, accounting for approximately 21% of the issued share capital of Modern Living, have been successfully placed to no fewer than six underwriters in accordance with the terms and conditions of the placement agreement, at a placement price of HK$0.30 per share. The net proceeds from the placement, after deducting the placement commission and related costs and expenses to be borne by Chun Wo Overseas, are approximately HK$46.7 million, which will be used by the Asia Allied Inf group as operating funds and for repaying existing debts.

As of the date of this joint announcement but before the completion of the placement, Chun Wo Overseas holds 0.688 billion shares of Modern Living, accounting for approximately 85.96% of the current issued share capital of Modern Living. After the completion of the placement, Chun Wo Overseas holds 0.52 billion shares of Modern Living, accounting for 64.96% of the existing issued share capital of Modern Living. Chun Wo Overseas remains the controlling shareholder of Modern Living.

Since the suspension of trading of Modern Living shares, Modern Living has communicated all significant information to shareholders and investors through announcements posted on the HKEX website to assess its situation, hence achieving the resumption guidance (ii).

As the resumption guidance has been met, Modern Living has applied to HKEX to resume the trading of Modern Living shares on the HKEX from 9:00 am on October 29, 2024.