HONG WEI ASIA (08191) proposes to place up to 150 million shares at a discount of approximately 22.41%, aiming to raise net proceeds of approximately HK$12.83 million.

HONG WEI ASIA (08191) announces that on November 3, 2026, the Company proposes to place up to 150 million placing shares, representing approximately 42.37% of the Company's existing issued share capital as at the date of this announcement; and approximately 29.76% of the Company's issued share capital as enlarged by the allotment and issue of the maximum number of placing shares immediately upon completion of the placing. The placing price of HK$0.09 per placing share represents a discount of approximately 22.41% to the closing price of HK$0.116 on November 3. Assuming the placing agent successfully places all the placing shares, the maximum gross proceeds from the placing are estimated to be approximately HK$13.5 million, and the maximum net proceeds from the placing are estimated to be approximately HK$12.83 million. The Company intends to apply the net proceeds: (i) approximately HK$5.05 million (approximately 39.34% of the net proceeds) for repayment of the Group's bank borrowings; (ii) approximately HK$4.83 million (approximately 37.66% of the net proceeds) for repayment of the Group's other borrowings (including outstanding amounts under finance lease arrangements); (iii) approximately HK$1.84 million (approximately 14.34% of the net proceeds) for settlement of the Group's overdue payables; and (iv) the remaining approximately HK$1.11 million (approximately 8.66% of the net proceeds) for the Group's general working capital.