China Uptown (02330) plans to issue up to 905.68 million placement shares at a discount of about 5.45%

According to the Zhitong Finance App, China Shangcheng (02330) announced that on August 4, 2026 (after the trading period), the company entered into a placement agreement with the placement agent. The placement agent conditionally agreed to use the placement agent as the Company's placement agent to cause no less than six undertakers (they and their ultimate beneficial owners must be independent third parties) to subscribe for a maximum of 905.68 million shares at the placement price of HK$0.26 per share.

Assuming that there is no change in the issued share capital of the Company from the date of this announcement to completion. The maximum number of shares to be placed is 905.68 million shares, which is equivalent to approximately 20% of the Company's current issued share capital on the date of this announcement and approximately 16.67% of the Company's issued share capital expanded through the allocation and issuance of all placed shares. The placement price is HK$0.26 per share, a discount of approximately 5.45% compared to the closing price of HK$0.275 per share as reported on the date of the placement agreement.

Assuming that all of the placed shares are fully placed, the total proceeds from the placement will be approximately HK$23.55 million, while the net proceeds will be approximately HK$23.23 million, which is equivalent to a net issue price of approximately HK$0.2565 per placed share. The directors intend to use the net proceeds of HK$10 million to repay outstanding debts and the remaining net proceeds of HK$13.23 million for the Group's general working capital, including staff costs, professional expenses, lease payments, and general administrative and operating expenses of the Group.