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RTNominal up2.050 +0.050 (+2.500%)

03/04/2019 10:40

China Youzan (08083) to issue shares to Tencent (00700) unit

[ET Net News Agency, 3 April 2019] China Youzan Limited (08083) said the company has
conditionally agreed to allot and issue a total of 1.72 billion subscription shares at the
subscription price of HK$0.53 per subscription share. The price is a discount of 17.19%
over the closing price of HK$0.64 per share on the date of the subscription agreements.
The subscription shares represent 11.1% of the enlarged total number of issued shares
following completion.
Poyang Lake Investment Limited, a wholly-owned subsidiary of Tencent Holdings Limited
(00700), has agreed to subscribe for 1.04 billion shares, which is 6.7% after enlargement.
The other subscribers are Mega Prime Development Limited, GCYZ Holdings Limited, Franchise
Fund Limited and Elephas Global Master Fund.
The net proceeds from the issue are estimated to be HK$910 million. The company intends
to use them for system upgrade, product development, marketing, promotion of advertising
services and general working capital for the group. (RC)

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