All 180 million unsubscribed shares of CHINA NEW CONS(08275) have been successfully placed.

CHINA NEW CONS (08275) announces that on November 13, 2024 (Wednesday) at 4:00 p.m. (the deadline for subscription agents to not subscribe for the remaining shares), all 180 million shares under the placement exercise that were not subscribed for have been successfully placed at a price of HK$0.1 per share (equivalent to the subscription price). Therefore, there is no net proceeds available for distribution to non-participating shareholders. Based on the results of the subscription acceptance and the placement results of the compensation arrangement, a total of 240 million shares will be issued under the rights issue, representing 99.99% of the total shares offered for subscription under the rights issue. The directors have confirmed, after conducting all reasonable inquiries, that each subscriber and their ultimate beneficial owners, if applicable, are independent of the Company and its related parties and are not connected persons of the Company. After the completion of the placement exercise, it is expected that no subscriber will become a major shareholder of the Company. As all the conditions related to the rights issue set out in the prospectus have been met, the rights issue became unconditional on November 13, 2024 (Wednesday). The total proceeds raised from the rights issue (including the compensation arrangement) are approximately HK$24 million, with a net amount of approximately HK$22.74 million (after deducting all related expenses). As disclosed in the prospectus, the Company intends to use the net proceeds from the rights issue as follows: approximately 44.38% (around HK$10.09 million) for the acquisition of power generators; approximately 35.51% (around HK$8.08 million) for financial services business; and approximately 20.11% (around HK$4.57 million) for general operating expenses of the Group, including but not limited to director's remuneration, employee costs, and professional fees.