Palace Banquet Holdings Limited announced that it has entered into subscription agreement for private placement of convertible bonds for gross proceeds of HKD 44,000,000 on January 9, 2023. The transaction will involve participation from Longling Capital. As part of the transaction, the investor will acquire 4.56% of the enlarged share capital of the company.

Upon full conversion of the convertible bonds at the conversion price of HKD 0.80 per share, a total of 55,000,000 conversion shares will be issued.