Newsletter summary
Lianhua supermarket announced that it intends to issue no more than 3% to Bailian Group.Scratchminercat. 600 million new domestic shares, with a subscription price of 1 yuan per share, is expected to raise 360 million yuan. The funds will be used for business transformation and increase working capital to strongly support the company's reform and future development.
Text of news flash
Hong Kong listed retail giant Lianhua supermarket announces stock fund-raising plan
Lianhua supermarket (00980.HK) announced a case with Bailian Group on the evening of May 12th.ScratchminercatThe share subscription agreement. According to the announcement, Lianhua supermarket will issue no more than 360 million new shares to Bailian Group at the price of RMB1.00 per new domestic share, with a total expected fund-raising of RMB 360 million.
The funds raised this time will be used for the transformation of the company's business format and supplementary working capital. Lianhua supermarket said that this move will provide financial support for the company's reform, transformation and sustainable development, and will help Bailian Group to support the company's long-term development more effectively.
![scratchminercat| Lianhua Supermarket [00980.HK]: Bailian Group subscribed 360 million shares and is expected to raise 360 million yuan to help transform its business format](https://www.efjohnsonradios.com/zb_users/upload/water/2024-05-13/6640fccf4704d.jpeg "scratchminercat| Lianhua Supermarket [00980.HK]: Bailian Group subscribed 360 million shares and is expected to raise 360 million yuan to help transform its business format")
After the capital increase is completed, Bailian Group and its actors will own about 59.06 per cent of the domestic shares of Lianhua supermarket, while Bailian Group currently holds about 45.90 per cent of the issued share capital of Lianhua supermarket.
The validity of the share subscription agreement needs to meet the registration and approval of the China Securities Regulatory Commission, the cleansing exemption of the Hong Kong Securities and Futures Commission and the approval of independent shareholders. If these conditions are not met, the agreement will not take effect and the share subscription will not take place.
Under the background of the current consumption upgrading and digital transformation, Lianhua supermarket is actively adjusting the format, upgrading the supply chain and innovating consumption patterns in order to achieve high-quality development.
