Weimob Group: Proposed placement of 688 million new shares, net raising HK$1.55 billion

On the morning of September 18, Weimeng Group announced on the Hong Kong Stock Exchange that on September 17, the company had entered into a subscription agreement with the subscriber. In accordance with this agreement, the subscriber conditionally agreed to subscribe, and the company conditionally agreed to issue and distribute a total of 688,494,000 subscription shares at a subscription price of 2.26 Hong Kong dollars per share, and entered into a placement agreement with the placement agent. The net proceeds from the subscription will be approximately 15.529 billion Hong Kong dollars, with about 30% to be used for exploring the integration and application of AI in SaaS, about 30% for expanding media channels and strengthening precision marketing services, about 10% for overseas business development, and about 30% for supplementary working capital and general corporate purposes. The company expects that all net proceeds will be fully utilized by the end of 2027.