Shandong Molong Petroleum Machinery (002490.SZ) plans to raise approximately 1.16 billion Hong Kong dollars through a new H-share placement.

Shandong Molong Petroleum Machinery (002490.SZ) announced that the company plans to issue new H shares on the main board of the Hong Kong Stock Exchange under a general mandate. On July 22, 2026 (before trading hours), the company entered into a Placing Agreement with the placing agents, agreeing to facilitate at least six placees (who are independent third parties) to subscribe for 25.6784 million shares of the placing shares at a price of HK$4.58 per share. Assuming all placing shares are fully allocated, the total proceeds from the placing are estimated to be approximately HK$118 million, while the net proceeds from the placing (after deduction of commissions and estimated expenses) are estimated to be approximately HK$116 million. The company intends to use the net proceeds from the placing to repay outstanding loans, optimize the group's financial structure, and for working capital and general corporate purposes.