ZHENGWEI GROUP (02147.HK): Rights Issue 36.13% Taken Up, HK$161.28m Raised

NewTimeSpace News: On 3 November 2026, Zhengwei Group Holdings Company Limited (stock code: 02147) announced the results of its rights issue of six rights shares for every one existing share held on the record date at a subscription price of HK$0.4 per rights share. As at 4:00 p.m. on 5 October 2026, the latest time for acceptance, nine valid acceptances were received for 145,662,612 rights shares, representing about 36.13% of the total offered shares.

The rights issue was therefore undersubscribed, with 257,537,388 rights shares unsubscribed, representing about 63.87% of the total offered shares. Under the compensatory arrangements made pursuant to Rule 7.21(1)(b) of the Listing Rules, the placing agent placed the unsubscribed rights shares on a best-effort basis; by the latest time of placing at 6:00 p.m. on 28 October 2026, all 257,537,388 unsubscribed rights shares were placed at HK$0.4 per share, equal to the subscription price, to not less than six placees, so no net gain is available for distribution to the no-action shareholders.

All conditions of the rights issue and the placing were fulfilled and both became unconditional at 4:00 p.m. on 29 October 2026. A total of 403,200,000 rights shares will be allotted and issued, representing 100% of the rights shares available for subscription. Gross proceeds were about HK$161.28 million and net proceeds about HK$160.43 million, to be applied in full to repay the Group's bank borrowings. Following completion, the placees hold 257,537,388 shares, or 54.75% of the issued share capital, while Mr. Yang Shengyao and Ms. Lin Qiuyun remain at 21.08% and public shareholders fall from 78.92% to 24.17%. Share certificates are expected to be posted on 4 November 2026 and dealings in the fully-paid rights shares are expected to commence at 9:00 a.m. on 5 November 2026.