According to Zhitong Finance App News, Tianhong Culture & Innovation (08500) announced that on January 31, 2024, the company plans to place up to 36 million new shares to no less than six independent undertakers at HK$0.471 per share through placement agents, accounting for about 16.67% of the expanded share capital. The placement price is discounted by about 18.79% from the closing price of HK$0.58 per share on the day. The net raise is approximately HK$16.66 million to use as working capital for the Group's operating business.