Guangdong-Hong Kong Greater Bay Area (HKG:1396) terminated its share subscription agreement with Eminent Ascend after determining the deal constituted a connected transaction and could not proceed under the general mandate, according to a Friday Hong Kong bourse filing.

The agreement, signed on Dec. 4, would have seen Eminent Ascend subscribe for about 14.5 million new shares. Both parties agreed to terminate the contract immediately, releasing each other from further obligations.

The company's separate subscription agreement with CMBI PRIVATE EQUITY SERIES SPC, acting for CMBI Next-Gen Infrastructure Fund SP, remains in effect.

CMBI Next-Gen Infrastructure Fund SP will take up about 19.6 million new shares upon completion.

Gross proceeds from the remaining subscription are expected to be about HK$108 million, with net proceeds of roughly HK$107.6 million, which the company plans to apply mainly toward AI computing power cloud service projects, construction payments, and operating expenses.

Trading is expected to resume later in the day after the property developer halted its shares on Friday.