RIVERINE CHINA (01417) proposes to place up to 33 million placing shares at a discount of approximately 14.62%, raising net proceeds of approximately HK$130 million.

RIVERINE CHINA (01417) announces that on 30 September 2026 (after the trading hours of the Stock Exchange), the Company entered into a placing agreement with the placing agent, pursuant to which the placing agent (as agent of the Company) has conditionally agreed to use its best endeavours to procure not less than six placees to subscribe for up to 33 million placing shares at the placing price of HK$4.00 per placing share. The placing shares represent (a) approximately 8.15% of the total number of existing issued shares as at the date of this announcement; and (b) approximately 7.53% of the total number of issued shares as enlarged by the allotment and issue of the placing shares (assuming that, from the date of this announcement to the completion date, there is no change in the total number of issued shares other than the issue of the placing shares). The placing price is HK$4.00 per placing share, representing a discount of approximately 14.62% to (i) the closing price of HK$4.685 per share as quoted on the Stock Exchange on the date of the placing agreement; and (ii) a discount of approximately 17.15% to the average closing price of HK$4.828 per share as quoted on the Stock Exchange for the last five consecutive trading days immediately prior to the date of the placing agreement. Assuming all the placing shares are placed, the gross proceeds from the placing are expected to be approximately HK$132 million, and the net proceeds from the placing (after deducting the placing commission and other related expenses in respect of the placing, including professional fees) are expected to be approximately HK$130 million, representing a net issue price of approximately HK$3.942 per placing share. The Company intends to apply the net proceeds primarily for leasing computing power resources, enhancing research and development capabilities, expanding customer coverage and service capabilities, and general working capital. The net proceeds are expected to be fully utilised by the end of March 2027.