SHANGHAI GROWTH (00770) announced that the board of directors has proposed, among other matters, a rights issue on the basis of 3 rights shares for every 8 existing shares held on the record date. The subscription price is set at USD 0.12 per rights share. The company aims to raise a total of approximately USD 580,000 before expenses by offering up to 4,808,700 rights shares to eligible shareholders, assuming no further shares are issued or repurchased on or before the record date. Should the rights issue be fully subscribed, the estimated net proceeds, after deducting all necessary expenses, are projected to be around USD 550,000.