On September 16th, Geelonghui announced that on September 16, 2024, the company and the placement agent have entered into a placement agreement. According to this agreement, the company agrees to sell a maximum of 1.55 billion shares through the placement agent at a placement price of HKD 0.53 per share (a discount of approximately 14.52% compared to the closing price per share of HKD 0.62 on the date of the placement agreement), to no fewer than six underwriters.

The placement shares represent (i) approximately 20.00% of the issued share capital of the company as of the date of this announcement; and (ii) approximately 16.67% of the enlarged issued share capital after completion of the placement and issuance of the placement shares.

The estimated net proceeds from the placement are up to approximately HKD 81.33 million. The directors intend to allocate the net proceeds as follows: (i) approximately 86.07% of the net proceeds for expanding and developing the group's insurance and fintech related business; and (ii) approximately 13.93% of the net proceeds for general working capital and general corporate purposes of the group.