Zhong An Intelligent to Raise HK$78.6 Million via Discounted Share Placing

An announcement from Zhong An Group Limited ( (HK:0672) ) is now available.

Zhong An Intelligent Living Service Limited, an indirect non-wholly owned subsidiary of Zhong An Group Limited, has entered into a placing agreement to issue up to 51,741,400 new shares, representing about 10% of its existing share capital. The shares will be placed to at least six independent investors at HK$1.52 per share, a discount to recent market prices, under its general mandate without requiring shareholder approval.

The placing could raise approximately HK$78.65 million in gross proceeds (about HK$77.69 million net), with the new shares representing about 9.09% of the enlarged share capital upon completion. As Zhong An Group’s stake in Zhong An Intelligent will be diluted from its current 71.28% holding, the transaction constitutes a deemed disposal and a discloseable transaction for Zhong An Group, affecting its ownership proportion but providing fresh capital at the subsidiary level.

The most recent analyst rating on (HK:0672) stock is a Hold with a HK$0.12 price target. To see the full list of analyst forecasts on Zhong An Group Limited stock, see the HK:0672 Stock Forecast page.

More about Zhong An Group Limited

Zhong An Group Limited is a Hong Kong-listed company with interests in property-related and intelligent living services through its non-wholly owned subsidiary, Zhong An Intelligent Living Service Limited. Zhong An Intelligent, also listed in Hong Kong, operates in the intelligent living services segment and serves as a key platform for the group’s service-focused activities.

YTD Price Performance: 13.08%

Average Trading Volume: 1,669,532

Technical Sentiment Signal: Strong Sell

Current Market Cap: HK$681.9M

Learn more about 0672 stock on TipRanks’ Stock Analysis page.