XXF Plans Placement of 155 Million Shares at 16% Discount, Aims to Raise HK$151 Million

Stock News
Apr 13

XXF (02473) has announced the signing of a placement and subscription agreement after the trading session on April 13, 2026. The total gross proceeds from the proposed top-up placement are estimated to be approximately HK$152 million, with net proceeds expected to be around HK$151 million. Half of the funds will be used by the group to purchase motor vehicles related to its main business operations, while the other half will serve as general working capital for the group's operating subsidiaries for general corporate purposes. Under the agreement, the seller, Mingzhu Capital Resources Limited, intends to sell approximately 155 million existing shares through a placing agent, representing about 10.00% of the company's total issued share capital as of the date of this announcement. The placing price is set at HK$0.98 per share, representing a discount of approximately 16% compared to the closing price of HK$1.16 per share on the last trading day on the Stock Exchange. Additionally, the company will issue approximately 155 million new shares to the seller at a price of HK$0.98 per share.

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