Hao Wen Holdings Limited said it has entered into a supplemental memorandum of understanding with Chengmai Junli under which it may place up to 106 million new shares, representing about 22.94% of its enlarged issued share capital, subject to further negotiations, definitive agreements and shareholder approval. Chengmai Junli intends to subscribe for up to the same number of shares, with proceeds expected to support general working capital and strengthen the group’s financial position. The company cautioned the MOU is non-binding and the transaction may or may not proceed.

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