avetsx53| China United Development Holdings (00264.HK) plans to discount approximately 19.05% and place up to 30 million shares with a net raise of HK$24.7 million

Gelonghui May 22 丨 China United Development Holdings (00264.HK) Announcementavetsx53On May 22, 2024, the placing agent entered into a placing agreement with the Company, pursuant to which the placing agent has conditionally agreed to act as the Company's placing agent to procure on a best efforts basis not less than six placees (who and their ultimate beneficial owners are independent third parties) to subscribe for up to 30 million placing shares at a placing price of HK$0.85 per placing share.

The placing price per placing share is HK$0.85, a discount of approximately 19.05% to the closing price of HK$1.05 per share quoted on the Stock Exchange on the date of the placing agreement; the maximum number of placing shares under the placing is equivalent to the company's existing issued share capital as at May 22. 412avetsx53, approximately 7.27% of the 704,000 shares; upon the completion of the placing, it is expected that the maximum total proceeds and net proceeds from the placing (after deducting the placing commissions, professional fees and all related expenses borne by the company) will be approximately HK$25.5 million and HK$24.7 million respectively. On this basis, the net issue price will be approximately HK$0.82 per placing share.