Summary by Futu AI
On June 17, 2024, Zhuguang Holdings Group Limited (stock code: 1176) announced that it had signed a subscription agreement with its major shareholder, Rongde Investment Limited. The latter will subscribe for 1,625,000,000 new shares at a price of HKD 0.20 per share, with a total subscription price of HKD 325,000,000. The transaction will be settled in a capitalization manner, i.e. using it to offset loan principal. After the subscription, Rongde Investment's shareholding proportion will increase from 54.81% to 63.11%. As Rongde Investment is the controlling shareholder of the company, this transaction constitutes a connected transaction and is subject to the reporting, announcement, and independent shareholders' approval requirements under Chapter 14A of the Listing Rules. The company will hold a special general meeting of shareholders on or before July 18, 2024, to seek the approval of independent shareholders. The completion of the transaction is subject to conditions including the approval of independent shareholders, approval of the Hong Kong Stock Exchange listing committee for the subscription of shares, and others, and must be completed on or before the final deadline of October 31, 2024.