Shangtang plans to raise approximately HK$3.15 billion through a proposed share placement.

Shangtang disclosed the information of the placement of new Class B shares on the Hong Kong Stock Exchange. On December 18, 2025, the company entered into a placement agreement with the placement agent, under which the placement agent has conditionally and individually agreed to use its best efforts to facilitate at least six underwriters to subscribe for 1.75 billion shares of placement shares at a placement price of HK$1.80 per share. The closing price of Class B shares on the Stock Exchange on December 17, 2025 was HK$1.97 per share, representing a discount of approximately 8.63%; the total expected proceeds from the placement are approximately HK$3.15 billion.