According to the Zhitong Finance App, China Life Group (08296) announced that on May 10, 2024, the company plans to place up to 60 million shares, which is equivalent to about 6.35% of the total number of shares issued after expansion. The placement price was HK$0.1 per share, which is about 2.0% premium over the closing price of HK$0.098 per share on May 10.

Assuming that all placed shares are fully placed, the total proceeds and net proceeds from the placement will be HK$6 million and approximately HK$5.7 million respectively. The Company intends to use the estimated net proceeds from the placement as the Group's general working capital.