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Jiayuan International raises HK$1.40B from share placement, subscription

Jiayuan International Group Ltd. raised nearly HK$1.40 billion after the successful placement and subscription of 232,000,000 of its shares.

The company said it will use the money to finance its planned acquisition of land and for general working capital.

The shares, which represent roughly 9.46% of the company's entire issued capital after subscription, were all issued by the company's controlling shareholder, Mingyuan Group Investment Ltd., for HK$6.11 per share after placement. The shares were placed to not less than six independent placees.

After the share placement and subscription, Mingyuan Group's stake in Jiayuan International was decreased to 55.06% from 60.81%.