China Shenghai Faces Low Subscription in Rights Issue

China Shenghai Group Limited (HK:1676) has released an update.

China Shenghai Group Limited’s rights issue was significantly undersubscribed, with only 5.42% of rights shares accepted, leaving 72,830,143 shares unsold. The company has arranged to sell these unsubscribed rights shares to independent investors through a placing agent on a best-effort basis. Shareholders who did not subscribe may benefit from any premium achieved through this compensatory arrangement.

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