China Shenghai Group Limited (HK:1676) has released an update.
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China Shenghai Group Limited has announced a new share placement agreement with Zijing Capital Limited to sell up to 11.5 million shares, representing approximately 7.99% of its current issued share capital, at a discounted price of HK$1.40 each. The placement aims to raise about HK$15.7 million in net proceeds, intended for the company’s general working capital. Shareholders and potential investors have been cautioned that the placement is conditional and may not proceed as planned.
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