Business-to-business E-commerce Platform Service Shanghuicong Network (08292.HK) announcement

September 29 Morning News, business-to-business E-commerce platform Services Shanghuicong Network (08292.HK) issued a notice, said on September 27 with the placement agent signed the placing and subscription agreement, placing up to 72 million shares, the price of 7.5 Hong Kong dollars per share. If the placement is completed successfully, about HK $540 million will be financed, and the net financing will reach about HK $520 million after deducting commission and other related expenses.

The announcement said the placing and subscription plan would create conditions for the further expansion of the shareholder base and capital base of the HC network and increase the liquidity of HC shares.

HC said that the funds will be used in the following three areas: to increase the number of new professional web sites and new services (such as Internet finance, payment solutions and online transaction services), expand the existing online enterprises to the enterprise trading market, to achieve the entire "online + offline" value chain scheme complete coverage, Including the construction of new offline trading market facilities in designated areas, and the expansion of new customers in key industry areas, group working capital and general business use.

Earnings data showed that as of June 30, 2013, HC Net recorded sales revenue of about 358 million yuan, an increase of 47%. Profit of 52.31 million yuan, an increase of 160%. Cash and bank balances are RMB 344 million.

Data show that in December 2003, HC was listed on the gem of the Hong Kong Stock Exchange, placing 115 million shares, gaining 9.6 times times oversubscribed, priced at HK $1.09 per share and a total of HK $125 million.

In the 10-year period, HC stocks fell to HK $0.3 at the lowest level. Since 2010, with a sharp rise in performance, HC shares have continued to rise, closing on September 27, reaching a high of HK $8.5.