Fullshare Holdings Limited announced that it has entered into a subscription agreement to issue 5,306,000,000 common shares at a price of HKD 0.03515 per subscription share for gross proceeds of HKD 186,505,900 on July 28, 2023. The transaction will include participation from individual investors, Zhang Hong Yun for 3,000,000,000 shares, Wu Jian Zhong for 2,156,000,000 shares and Dai Mengli for 150,000,000 shares. The Zhang Subscription will be paid in two installments; first instalment of HKD 52,725,000, representing 50% of the Zhang Subscription will be paid on or before 31 August 2023 and the second instalment of HKD 52,725,000, representing 50% of the Zhang Subscription will be paid on or before 30 September 2023.

The Wu Subscription will be paid in two installments; the first instalment of HKD 37,891,700, representing 50% of the Wu Subscription will be paid on or before 31 August 2023 and the second instalment of HKD 37,891,700, representing 50% of the Wu Subscription will be paid on or before 30 September 2023. The Dai Subscription will be paid in two installments; the first instalment of HKD 2,636,250, representing 50% of the Dai Subscription will be paid on or before 31 August 2023 and the second instalment of HKD 2,636,250, representing 50% of the Dai Subscription will be paid on or before 30 September 2023. The shares are restricted to a hold period of 6 months.

The company has paid issuance expenses of HKD 15,900 and the net proceeds will be HKD 186,490,000.