Shangtang-W (00020) plans to place 1.75 billion new Class B shares to raise approximately HK$3.146 billion

Zhitong Finance App News, Shangtang-W (00020) issued an announcement. On December 18, 2025, the company entered into a placement agreement with the placement agent. According to this, the placement agent had conditions and individual consent (as the company's placement agent) to do its best to induce no less than six undertakers to subscribe for 1.75 billion shares. The placement price of HK$1.80 per share was discounted by HK$1.97 per share compared to Class B shares on December 17, 2025 (that is, the last trading day and the date the placement price was determined) 8.63% The shares placed under the placement items will be equivalent to approximately 4.60% of the number of Class B shares issued and approximately 4.52% of the number of issued shares as of the date of this announcement.

After the placement is completed, assuming that all of the placed shares are successfully placed, it is expected that the total proceeds and net proceeds from the placement will be approximately HK$3.150 billion and HK$3.146 billion respectively. The net proceeds from the placement will be mainly used for the following purposes: (i) 30% to support the company's core business development, including building an industry-leading AI cloud, continuously expanding the scale and increasing the localization ratio of the company's artificial intelligence infrastructure provider Tangda; (ii) 30% to support the research and development of generative artificial intelligence, as well as the development and commercial implementation of products derived from the company's multi-modal large model; (iii) 20% to explore the technical integration and practice of artificial intelligence in innovative vertical fields, including but not limited to the implementation of AI finance, education, etc.; (iv) 20% is used as the company's general working capital.