China Uptown Group (02330.HK): Proposes Placement of Up to 90.57 Million Shares at HKD0.26; Net Proceeds Approximately HKD23.23 Million
NewTimeSpace News: China Uptown Group Company Limited (stock code: 2330) announced that on 4 August 2026 (after trading hours), the company entered into a placing agreement with placing agent VIL Securities Limited, under which the placing agent conditionally agreed to use its best endeavors to procure not fewer than six placees (whose ultimate beneficial owners must be independent third parties) to subscribe for up to 90,568,000 placing shares at the placing price of HKD 0.26 per share.
According to the announcement, assuming no change in the company's issued share capital from the date of this announcement until completion, the maximum number of 90,568,000 placing shares represents approximately 20% of the existing issued share capital and approximately 16.67% of the enlarged issued share capital. The placing price of HKD 0.26 per share was determined through arm's length negotiation between the company and the placing agent with reference to the prevailing market price and recent trading performance of the shares.
Assuming all placing shares are fully placed, the gross proceeds from the placing will be approximately HKD 23.55 million, and the net proceeds will be approximately HKD 23.23 million (after deducting commissions and other expenses), representing a net issue price of approximately HKD 0.2565 per placing share. The directors intend to apply HKD 10.00 million of the net proceeds to repay outstanding debts, and the remaining HKD 13.23 million to the group's general working capital, including staff costs, professional fees, rental payments, and general administrative and operating expenses.
The announcement disclosed that the placing shares will be issued under the general mandate granted to the directors at the annual general meeting, with a cap of 90,569,149 shares (approximately 20% of the then issued shares). The allotment and issue of 90,568,000 placing shares will almost fully utilize the general mandate. As of the date of this announcement, the company had not yet utilized the general mandate.
The placing period under the placing agreement will commence from the date of signing and expire at 5:00 p.m. on 18 August 2026 (or such later date as the company and placing agent may agree in writing). Completion of the placing shall be effected within five business days after the last deadline, which shall be no later than 24 August 2026. The placing is conditional upon, among other things, the Listing Committee granting approval for the listing and trading of the placing shares.
The announcement cautioned that the placing may or may not proceed, and shareholders and potential investors should exercise caution when dealing in the company's shares and other securities.
NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.
