CONGYU INTE AGR (00875.HK): About 139.8mn Placing Shares Placed, Net Proceeds About HK$32.9mn

NewTimeSpace News: On 22 October 2026, Congyu Intelligent Agricultural Holdings Limited (the "Company") announced that it referred to its announcements dated 17 August 2026, 7 September 2026 and 28 September 2026 in relation to the placing of up to 139,809,314 new shares under a general mandate. The board was pleased to announce that all the conditions precedent set out in the placing agreement have been fulfilled and the placing was completed on 22 October 2026 on the terms and subject to the conditions of the placing agreement.

The announcement disclosed that a total of 139,809,314 placing shares, representing approximately 16.7% of the Company's issued share capital immediately after completion as at the date of the announcement, were successfully placed at the placing price of HK$0.24 per placing share to not fewer than six placees. To the best of the directors' knowledge, information and belief after making all reasonable enquiries, each of the placees and, where applicable, their respective ultimate beneficial owners is an independent third party, is not connected with the Company and its connected persons and is not acting in concert with them; and no placee has become a substantial shareholder (as defined in the Listing Rules) immediately after completion.

The Company stated that the net proceeds from the placing (after deducting all related expenses, including but not limited to placing commission, legal expenses and disbursements) amounted to approximately HK$32.9 million. The Company intends to apply approximately HK$30.0 million (about 91.2% of the net proceeds) to repay loans and the remaining approximately HK$2.9 million (about 8.8% of the net proceeds) as general working capital of the Group, to be used for the Group's daily operating expenses including salaries, professional fees and other administrative expenses. Immediately after completion, the total number of issued shares increased from 699,046,571 to 838,855,885; Mr. Lin Yuhao holds 266,215,087 shares, with his stake diluted from approximately 38.1% to approximately 31.7%, of which 264,731,087 shares are held by Sino Richest Investment Holding, in which Mr. Lin Yuhao has a 100% interest; the placees hold 139,809,314 shares, representing approximately 16.7%; and public shareholders hold 432,831,484 shares, with their stake falling from approximately 61.9% to approximately 51.6%.