Uptown China (02330): Placement Agreement Expired

Zhitong Finance App News, China Shangcheng (02330) announced that the placement of up to 905.68 million new shares will not be met or reached before the final deadline, so the placement agreement will expire, and the placement will not proceed. All obligations and liabilities of the placement agent and the company under the placement agreement will cease and end immediately. Except for any previous violation of the placement agreement and without prejudice to the rights and liabilities already accrued by the placement agent and company, the placing agent or company shall not file any claim against the other party in this regard.

The board of directors believes that the failure of the placement will not have any significant adverse impact on the company's business operations and financial position.