Xingda International Holdings Limited announced that it has entered into three Subscription Agreements with three Subscribers to issue 257,680,000 Subscription Shares at an issue price of HKD 1.31 per Subscription Share for the gross proceeds of HKD 337,560,800 on January 30, 2024. The transaction will include participation from new investors Jinyu Tire (Hongkong) Co., Limited for 133,000,000 shares, Shandong Haohua Tire for 39,900,000 shares and Longmarch Hongkong Holding Limited for 84,780,000 shares. The transaction has been approved by the shareholders of the company.

Each of the Subscribers undertakes to the Company that, within 24 months after completion of the Subscription, it shall not, directly or indirectly transfer or dispose of, nor enter into any agreements to transfer or dispose of or otherwise create any options, rights, interests or encumbrances in respect of any of the Subscription Shares or any interest in such Subscription Share. The company has dislcosed the issue expenses of HKD 500,800