Shangyu Group (01633) plans to offer shares on a “2 to 1” basis

According to Zhitong Finance App News, Shangyu Group (01633) issued an announcement. The board of directors proposed to supply shares at a subscription price of HK$0.100 per share, and issue up to 342 million shares to eligible shareholders through share offerings to raise a total of approximately HK$34.2 million (before expenses) (assuming no further issuance or repurchase of shares on or before the record date). The share offering is open only to eligible shareholders and will not be presented to excluded shareholders.

After deducting all necessary expenses, the estimated net proceeds from the share offering (if fully subscribed) is estimated to be approximately HK$32.9 million (assuming no further shares were issued or repurchased on or before the recorded date).