fishingweights| Zhengwei Group (02147.HK) plans to discount approximately 4.83% and place up to 160 million shares with a net raise of HK$20.72 million

Gelonghui May 14 丨 Zhengwei Group (02147fishingweights.HK) announced that on May 14, 2024, the company entered into a placing agreement with the placing agent, pursuant to which the company appointed the placing agent as its agent to procure no less than six placees to pay a total of 0 per placing share on a best efforts basis in accordance with the terms and conditions of the placing agreement.fishingweights.138 Hong Kong dollars to subscribe for up to 160 million placing shares. The placing shares will be allotted and issued in accordance with general mandate.

The price of HK$0.138 per placing share represents a discount of approximately 4.83% to the closing price of HK$0.145 per share quoted on the Stock Exchange on May 14, 2024 (the last trading day)fishingweights; 160 million placing shares represent approximately 16.67% of the company's issued share capital as enlarged by the allotment and issue of placing shares. Expected net proceeds from the placing (after deducting the placing commission payable to the placing agent and the amount of cash generated by the placingfishingweightsAfter his expenses), it will be approximately HK$20.72 million. The company intends to use the net proceeds from the placing as general working capital of the group.