Million Cities Holdings Limited announced that it has entered into a subscription agreement with Speed Fortune Holdings Limited for the private placement of 290,000,000 non-convertible preference shares at the subscription price of HKD 1.15 per non-convertible preference share with an aggregate subscription amount of HKS 333,500,000. The net proceeds from the issue of the non-convertible preference shares, after deduction of all relevant expenses incidental to the Subscription, are estimated to be approximately 333,000,000. The securities will be allotted and issued pursuant to the Specific Mandate proposed to be obtained from the Independent Shareholders at the extraordinary general meeting. As at the date of this announcement, Fortune Speed held 75.0% of shareholding interest in the company and is the controlling shareholder of the Company. The closing of the transaction is subject fulfillment of all necessary approvals or consents by all regulating authorities and shareholders' approval.

On October 28, 2021, the company announced that the the extraordinary general meeting will be held on November 18, 2021.