SHANDONG MOLONG (00568.HK): Places 33.6M New H Shares at HK$3.50
NewTimeSpace News: On 24 September 2026 (before trading hours), Shandong Molong Petroleum Machinery Company Limited (stock code: 00568.HK) announced that it entered into a placing agreement with the placing agent, China Merchants Securities (HK) Co., Limited, to issue 33,615,600 new H Shares at the placing price of HK$3.50 per placing share. The placing shares will be allotted and issued pursuant to the general mandate and do not require separate shareholders' approval.
The placing price of HK$3.50 represents a discount of approximately 23.18% to the average closing price of HK$4.556 per H Share for the last ten consecutive trading days up to and including 23 September 2026, approximately 19.91% to the average closing price of HK$4.37 per H Share for the last five consecutive trading days, and approximately 16.17% to the closing price of HK$4.175 per H Share on 23 September 2026. Assuming all the placing shares are fully placed, the gross proceeds are expected to be approximately HK$117.65 million and the net proceeds approximately HK$114.89 million, representing a net price of approximately HK$3.42 per H Share. The placing shares represent approximately 11.93% of the 281,804,800 existing H Shares in issue and approximately 4.08% of the total number of shares in issue as at the date of the announcement.
The net proceeds are intended to be applied as to approximately 70% (approximately HK$80.42 million) for repayment of borrowings, approximately 20% (approximately HK$22.98 million) for settlement of payables arising from ordinary business operations, including payments for procurement of raw materials, and approximately 10% (approximately HK$11.49 million) for working capital and general corporate purposes. The placing agent will place the placing shares on a best efforts basis to not fewer than six placees, and no placee will become a substantial shareholder immediately upon completion. The Company has undertaken not to conduct any placing or other issue of new H Shares within 30 days of the date of the placing agreement, save for this placing. The placing may or may not proceed and shareholders and potential investors are advised to exercise caution when dealing in the shares.
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.
