According to Zhitong Finance App, Gongai Limited (01421) announced that at 4:00 p.m. on May 3, 2024 (Friday) (that is the deadline for placement agents to place unsubscribed shares), all approximately 22.69,000 unlicensed shares have been placed by placement agents to eight independent undertakers at a price of HK$0.4 per share. Since the placement price is equal to the subscription price, no net proceeds will be distributed to non-acting shareholders.

Since all the conditions relating to the share offering have been fulfilled, the share offering has become unconditional. According to the acceptance results of the share offering and the placement results of the compensation arrangement, approximately 41.7084 million shares (equivalent to 100% of the total number of shares offered under the share offering) will be allocated and issued. The total and net proceeds raised from the stock offering (including compensation arrangements) were approximately HK$16.7 million and HK$16 million respectively. The company plans to use approximately 70% of the net proceeds from the share offering to develop the solar energy and distribution system business, and 30% to use the group's general working capital as disclosed in the shareholding regulations.