On November 18, Gelonghui reported that zhengwei group (02147.HK) announced that on November 18, 2024, the company entered into a placement agreement with the placement agent. According to this agreement, the company appointed the placement agent as its agent to promote the subscription of not less than six placees for up to 0.16 billion placement shares at a price of HKD 0.038 per placement share, on a best efforts basis according to the terms of the placement agreement and subject to its conditions. The placement shares will be issued and allotted under the general mandate.

The placement price represents a discount of approximately 19.15% to the closing price of HKD 0.047 per share at the Stock Exchange on November 18, 2024 (the last trading day); the placement shares represent about 16.67% of the company's existing issued share capital as of the date of this announcement; the expected net proceeds from the placement (after deducting the commission payable to the placement agent and other expenses incurred in the placement) will be approximately HKD 5.76 million. The company intends to use the net proceeds from the placement for general working capital of the group.