On November 20, GLONGHUI (09880.HK) issued an announcement. On November 20, 2024, the company entered into a placement agreement with the placement agent (Guotai Junan International, CITIC Lyon Securities and TradeGo Markets). According to this, the placement agents have agreed to act individually (but not jointly or jointly and individually) as agents of the company according to the terms set forth in the placement agreement and subject to its conditions, to subscribe for a total of 7 million new HHshares at the placement price of HK$83.88 per H share. Placed shares accounted for approximately 1.65% of the company's issued share capital at the date of this announcement and approximately 1.62% of the issued share capital expanded through allotment and issuance of placed shares.

The total proceeds and net proceeds collected by the company from the placement are estimated to be approximately HK$0.587 billion and HK$0.552 billion, respectively. The Company intends to use the net proceeds of the placement for the Group's business operations and development (including working capital, general corporate use and domestic and foreign investments) and to repay the maturing amounts (including principal and accrued interest) of the Group Company under the credit business of relevant financial institutions. Proceeds will be used by the company and its affiliates. Placed shares will be distributed and issued in accordance with a general mandate, and the company will apply to the Stock Exchange Listing Committee for approval to list and trade the placed shares.