ZHONGSHI MINAN (08283) plans to discount about 9.09% of the rights issue, with a maximum net raise of about HK$15.3 million.

ZHONGSHI MINAN (08283) announced that on January 7, 2025, the company plans to issue a maximum of 400 million shares, representing 20% of the total number of issued shares as of the announcement date; and approximately 16.67% of the total number of issued shares after the full allocation and issuance of the new shares. The subscription price for each share is HK$0.04, a discount of about 9.09% compared to the closing price of HK$0.044 on January 7. Upon completion, and assuming all allocated shares are successfully sold by the placement agent, the total proceeds from the placement are estimated to be up to approximately HK$16 million, with a net proceeds of up to approximately HK$15.3 million. Out of the net proceeds, around HK$10 million is planned to support the business operations and development of the group's food and smart kitchen appliance business; and approximately HK$5.3 million is planned to be used for general working capital of the company.