HAO BAI INTL (08431) announced a proposed placement of up to 9,098,600 shares. These placement shares represent approximately 4.00% of the company's total issued share capital as of the announcement date. Assuming no change in the issued share capital from the announcement date to the completion date, the placement shares would account for about 3.85% of the enlarged issued share capital upon their full allotment and issuance.

The placement price has been set at HK$0.38 per share. This represents a discount of approximately 5.0% compared to the closing price of HK$0.40 per share on March 25.

Subject to the successful placement of all shares by the placing agent, the maximum gross proceeds from the placement are estimated to be around HK$3.46 million. After deducting expenses, the estimated maximum net proceeds are approximately HK$3.3 million.

The company intends to allocate the net proceeds as follows: approximately HK$500,000 will be used for directors' remuneration; about HK$800,000 is allocated for consulting and other professional fees; roughly HK$200,000 is designated for audit fees; and the remaining balance of approximately HK$1.8 million will be used for the group's general working capital purposes.