ZHENGWEI GROUP (02147) plans to discount approximately 19.15% of the rights issue with a maximum net raise of approximately HK$576 million.

ZHENGWEI GROUP (02147) announced that on November 18, 2024, the company plans to issue up to 160 million shares, equivalent to approximately 14.29% of the enlarged issued share capital of the company after the issuance and placement of shares. The shares will be offered at a price of HK$0.038 per share, representing a discount of approximately 19.15% to the closing price of HK$0.047 per share on November 18. Assuming all the shares are fully placed, the total amount raised from the placement will be HK$6.08 million. The expected net proceeds from the placement are estimated to be around HK$5.76 million. The company intends to use the net proceeds for general operating funds of the group.