Summary by Futu AI
XIOXIN NEW ENERGY HOLDINGS LIMITED ANNOUNCED THAT IT COMPLETED A NEW SHARE DISTRIBUTION ON MAY 10, 2024, FOR A TOTAL SALE OF 233,487,154 NEW SHARES, REPRESENTING APPROXIMATELY 16.67% OF THE COMPANY'S SHARE CAPITAL ISSUED AFTER THE COMPANY'S EXPANSION. The distribution price was HK$0.26 per share, attracting no less than six shareholders. The total proceeds from this divestiture were approximately HK$60.7 million, net of HK$59.7 million, net of related expenses. The Company plans to use 90% of the net proceeds to support and invest, develop natural gas, liquefied natural gas and integrated energy project management businesses, and develop operations and maintenance services in other energy industries, with the remaining 10% used as general operating capital. Upon completion of the distribution, the public shareholders will hold 16.67% of the shares in the company.