Zhong An Intelligent Living Service Limited (Stock Code: 2271) announced a share placing involving up to 51,741,400 new shares under its general mandate at HK$1.52 per share. The placing price represents a discount of approximately 16.02% to the closing price of HK$1.81 on the last trading date, with maximum gross proceeds of about HK$78.65 million and estimated net proceeds of approximately HK$77.69 million. The shares to be issued account for around 10% of Zhong An Intelligent’s existing issued share capital, and roughly 9.09% of the issued share capital as enlarged by the placing.

Following successful completion of the placing, Zhong An Intelligent is set to remain a non-wholly owned subsidiary of Zhong An Group Limited (Stock Code: 672). However, Zhong An Group’s indirect shareholding in Zhong An Intelligent is expected to dilute from around 71.28% to about 64.80%, constituting a deemed disposal under the Listing Rules. The dilution, together with previous share disposals within a 12-month period, qualifies as a discloseable transaction under Chapter 14 of the Listing Rules. Subject to approval from the Listing Committee, completion of the placing remains conditional upon satisfaction of the conditions set out in the relevant agreement. The net proceeds are intended for general working capital of Zhong An Intelligent Group.