Zhitong Financial APP News, Gaomen Group (08412) announced that on August 13, 2021, Castle Team (a subsidiary of the company indirectly owned by 51%) and six other new investors entered into share subscription agreements with Crown Grand (the company's indirect wholly-owned subsidiary) and Lively World (the direct holding company of Crown Grand). Castle Team and new investors agreed to subscribe for a total of 30 new CG shares of Crown Grand at a total subscription price of HK $6 million in cash. The subscription price for each new CG share is HK $200000, and upon completion, Crown Grand will be held 28 per cent by new investors and 72 per cent by the group (70 per cent held by Lively World and 2 per cent held by Castle Team).

It is reported that Crown Grand is the operating company of Faye, and Faye is the sports-themed bar and club that the group opened in early May 2021. Faye is located on the 25th and 26th floors of California Building, 30-32 D'Aguilar Street, Lan Kwai Fong, Central, Hong Kong, with a total planned area of about 485square meters. The directors of the company are of the view that the proceeds treated as a sale can provide additional funds for Crown Grand to enhance its working capital for operating Faye. In addition, the Group can make use of the experience and network of subscribers to explore the sports-themed bar and club market in Hong Kong.