On December 17, Gargill Group announced that SenseTime-W (00020.HK) has issued an announcement regarding the placement of new Class B shares based on general authorization. All conditions listed in the placement agreement have been fulfilled, and as of December 17, 2024, the placement matters have been completed according to the terms of the placement agreement.

The placement agent has successfully placed a total of 1.865 billion placement shares at a placement price of 1.50 Hong Kong dollars per share according to the terms and conditions of the placement agreement, to no fewer than six assignees, representing approximately 5.40% of the number of Class B shares issued immediately before the completion of the placement matters, and approximately 5.31% of the total issued shares; upon the issuance and allocation of the placement shares, the number of Class B shares issued will represent approximately 5.12%, and the existing issued shares will represent approximately 5.04%.

The net proceeds from the placement matters (after deducting the commission for the placement matters and other related costs and expenses) are approximately 2.787 billion Hong Kong dollars. The company intends to mainly use the net proceeds to support the development of its core business, including building an industry-leading AI cloud, enhancing the scale of the company's leading performance in large devices, supporting the further development of generative AI (including large model research and product development), and for general working capital.