Eminence Enterprise Raises HK$19.9 Million via Share Placing to Fund Student Hostel Project

Eminence Enterprise Limited ( (HK:0616) ) has shared an announcement.

Eminence Enterprise Limited has completed a placing of 67 million new shares under its general mandate, raising gross proceeds of HK$20.1 million (net approximately HK$19.9 million) at HK$0.30 per share. The new shares, representing about 3.83% of the enlarged share capital, were allotted to six independent placees, none of whom becomes a substantial or connected shareholder, and the placees are subject to a lock-up restricting disposals of the placing shares until 22 April 2026. The company plans to use the proceeds to cover additional construction costs for its Project Fung Wah site at Nos. 646, 648 and 648A Castle Peak Road in Kowloon, where the development plan has been revised to build a student hostel, signalling a strategic shift in asset use and positioning within the local property market while marginally diluting existing shareholders’ stakes.

The most recent analyst rating on (HK:0616) stock is a Hold with a HK$0.38 price target. To see the full list of analyst forecasts on Eminence Enterprise Limited stock, see the HK:0616 Stock Forecast page.

More about Eminence Enterprise Limited

Eminence Enterprise Limited is a Bermuda-incorporated company listed in Hong Kong (Stock Code: 616). Through its association with Easyknit, the group is engaged in property-related investment and development activities, including redevelopment projects in Hong Kong such as Project Fung Wah on Castle Peak Road in Kowloon, which is being repositioned into a student hostel in response to current market conditions.

Average Trading Volume: 10,601,167

Technical Sentiment Signal: Hold

Current Market Cap: HK$640.1M

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