PANGAEA CONNECT plans to place up to 199 million shares at a discount of approximately 17.1%, netting about HKD 35.3 million, and will resume trading on July 24

According to the announcement from Huannian Lianxun (01473), on July 22, 2025, the company entered into a placement agreement with the placement agent, under which the placement agent conditionally agreed to act as the company's placement agent and to use its best efforts to procure not less than six subscribers to subscribe for up to 199 million placement shares at a placement price of HKD 0.180 per share, and such subscribers and their ultimate beneficial owners must be independent third parties.

The maximum number of placement shares, 199 million shares, represents 20.0% of the company's existing issued share capital as of the date of this announcement and approximately 16.7% of the company's enlarged issued share capital after the placement and issuance of all placement shares.

The placement price of HKD 0.180 per placement share represents a discount of approximately 17.1% to the closing price of HKD 0.217 per share on July 22.

Assuming all placement shares are fully placed, the total amount raised from the placement will be approximately HKD 35.8 million, and the net proceeds will be approximately HKD 35.3 million (after deducting placement commissions and other expenses), resulting in a net issue price of approximately HKD 0.177 per placement share. The directors intend to use the net proceeds for seeking opportunities in AI technology-related fields or for general corporate purposes as general working capital.

In addition, the company has applied to the Stock Exchange for the resumption of trading of its shares on the Stock Exchange starting from 9:00 AM on July 24, 2025