Gronghui on May 7 丨 China Baoli Technology (00164.HK) announced that on May 7, 2024, the company entered into a placing agreement with the placing agent, pursuant to which the company has conditionally agreed to place a maximum of 16 on a best effort basis to not less than six (6) placees (who and their ultimate beneficial owners will be independent third parties) through the placing agent$80millionpowerball,803,334 placing shares at a price of HK$1.030 per placing share.

The placing price of HK$1.030 per placing share represents a discount of approximately 16.94% to the closing price of HK$1.240 per share of the shares quoted on the Stock Exchange on May 7, 2024 (the date of the placing agreement)$80millionpowerball; the maximum number of placing shares is equivalent to approximately 16.67% of the company's issued share capital as enlarged by the allotment and issue of placing shares. The placing shares will be allotted and issued in accordance with general mandate. Shareholders 'approval is not required for the allotment and issue of placing shares. Assuming the placing agent successfully places all the placing shares, the total proceeds from the placing will be approximately HK$17 million and the net proceeds (after deducting commissions and other expenses for the placing) will be approximately HK$16 million.