CHINA BAOLI TEC (00164.HK): Proposes to allot 132.68 million new shares for proceeds of about HKD 63.82 million under specific mandate
NewTimeSpace News: On 28 August 2026 (after trading hours), China Baoli Technologies Holdings Limited (stock code: 00164) announced that the Company has entered into twenty subscription agreements with twenty subscribers, pursuant to which the Company proposes to allot and issue an aggregate of 132,682,600 subscription shares at a price of HKD 0.481 per share, with the subscription shares to be allotted and issued under a specific mandate.
According to the announcement, the subscription shares represent approximately 38.00% of the total issued shares as of the date of the subscription agreements, and approximately 27.54% of the total issued shares as enlarged by the allotment and issuance. The total gross proceeds from the subscription amount to approximately HKD 63,820,331, with estimated net proceeds of approximately HKD 60.3 million, representing a net issue price of approximately HKD 0.454 per subscription share. The subscription price of HKD 0.481 per share represents a premium of approximately 4.57% over the closing price of HKD 0.46 per share on the date of the subscription agreements, and a premium of approximately 14.52% over the average closing price of HKD 0.42 per share over the five consecutive trading days immediately preceding that date.
The Group intends to apply the net proceeds as follows: approximately HKD 17,000,000 for general working capital of the head office; approximately HKD 3,000,000 for developing the Group's converged media business; and approximately HKD 40,300,000 for the dry-grinding and dry-separation business of the Mongolian mining project (covering iron ore and coal ore processing activities), including approximately HKD 15,300,000 for procurement of processing equipment and necessary fuel, approximately HKD 9,400,000 for infrastructure and upgrades, approximately HKD 6,400,000 for staff costs, technology expert deployment, recruitment-related expenses and project-related overheads, approximately HKD 3,500,000 for logistics team and transportation, and approximately HKD 5,700,000 for project-related R&D and due diligence and assessment expenses for new projects.
The subscription is subject to the grant of the specific mandate and approval by shareholders at the extraordinary general meeting, and the Company will apply to the Stock Exchange for the listing of and permission to deal in the subscription shares. Under Rule 2.15 of the Listing Rules, subscribers A, D, E, F, G, O, P, Q, R, S and T, who hold share interests as of the date of the subscription agreements, are required to abstain from voting on the relevant resolutions at the extraordinary general meeting. The Directors believe that the terms of the subscription agreements, including the subscription price, are fair and reasonable and in the interests of the Company and its shareholders as a whole; shareholders and prospective investors should exercise caution when dealing in the shares.
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