CHINA QINFA (00866) plans to offer approximately 10% discount on the issuance of new shares to existing shareholders before the new shares are issued. The net proceeds are expected to be approximately HK$3.096 billion.

China Qinfa (00866) announced that on March 5, 2026 (before the trading session), the company, seller Mr. Xu Jihua, and joint placing agents entered into a placing and subscription agreement. The seller has agreed to sell 90 million existing shares through the joint placing agents at a placing price of HK$3.51 per share, at a discount of approximately 10.0% compared to the last trading day's closing price of HK$3.9 per share on the Stock Exchange of Hong Kong. The company has conditionally agreed to issue and allot 90 million new shares to the seller at an issue price per share equal to the placing price of HK$3.51 per share according to the general mandate. The expected gross proceeds from the placing and subscription of about HK$315.9 million, with a net amount of about HK$309.6 million, will be used approximately 46.0% for the construction and development of the group's Indonesian mines, about 23.0% for mining equipment, about 21.0% for building construction, and about 10.0% for contracting and other miscellaneous expenses to support the development of the group's Indonesian mines. It is reported that the seller is one of the company's controlling shareholders and owns the controlling shareholder, Zhenfu, wholly.