GCL NEWENERGY (00451) has announced that on April 20, 2026, following the trading session, the company entered into a placement agreement with a placing agent. Under the terms of the agreement, the company has agreed to appoint the placing agent, who has also agreed to act as the sole placing agent, to use its best efforts as the company's agent to procure buyers for up to 127 million placement shares. The placement price is set at HK$1.05 per share.

The maximum number of placement shares represents approximately 8.17% of the company's existing issued share capital as of the date of this announcement, and approximately 7.55% of the company's issued share capital as enlarged by the allotment and issue of the placement shares. This calculation assumes no change in the issued share capital of the company between the date of this announcement and the completion of the placement, other than the allotment and issue of the placement shares.

The placement price of HK$1.05 per share is equivalent to the closing price of the shares on the Stock Exchange of Hong Kong on the last trading day. The estimated net proceeds from the placement, after deducting all fees, costs, and expenses to be borne by the company—including commissions for the placing agent, SEHK trading fees, and transaction levy, as well as other expenses incurred by the company related to the placement—are expected to be approximately HK$131 million.

The company intends to use the estimated net proceeds from the placement for the following purposes: (i) comprehensive business development, including the expansion of photovoltaic operation and management business and digital upgrades; (ii) expansion of energy and related product trading business; (iii) repayment of the group's existing bank and other loans maturing before September 30, 2026; and (iv) covering administrative expenses.