ZHONGSHENJIANYE (02503) plans to issue a total of 103 million shares at a discount of approximately 15.25%, raising approximately HK$51.3 million.

ZHONGSHENJIANYE (02503) announced that on January 10, 2025, the company plans to issue a total of 103 million shares to six subscribers, representing approximately 16.67% of the company's enlarged issued share capital after the issuance of the subscription shares. The subscription price for each share is HK$0.50, a discount of approximately 15.25% compared to the closing price of HK$0.59 per share on January 10. The total amount and net amount of funds raised from the subscription will be approximately HK$51.5 million and HK$51.3 million respectively, and will be used as follows: around HK$30 million will be used for potential acquisition of one or more well-established construction companies with qualifications and licenses in municipal public works (such as architectural design and urban planning). The Group believes that the potential acquisition will enhance the Group's core competitiveness in municipal public works and also help diversify the existing business. As of the date of this announcement, the Group has not signed any intention agreement or legally binding agreement for the acquisition, nor has it identified any specific acquisition targets. Approximately HK$21.3 million will be used for general working capital.