According to the Zhitong Finance App, Songjing Technology (01079) issued an announcement. All conditions relating to the share offering have been fulfilled, and the share offering became unconditional at 4:00 p.m. on October 28, 2026 (Wednesday). At 4:00 p.m. on October 27, 2026 (Tuesday) (that is, the final acceptance deadline): (i) a total of 6 valid admissions relating to a total of 441 million shares issued under the provisional allotment of shares, which is equivalent to about 61.82% of the total number of 713 million shares available for subscription under the offering; and (ii) a total of 6 valid applications for a total of 369 million additional shares have been received, which is equivalent to approximately 51.68% of the total number of shares offered to be purchased under the offer approval.
A total of 12 valid applications have been accepted and applied for a total of 810 million shares offered, which is equivalent to approximately 113.50% of the total number of 713 million shares offered for subscription based on the shares offered. As a result, the share offering oversubscribed by 96.278 million shares is equivalent to about 13.50% of the total number of 713 million shares available for subscription based on the offering.
In view of the effective acceptance of the provisional quota under the above provisional quota notice, 272 million shares to be offered (equivalent to approximately 38.18% of the total number of shares offered for sale under the offer proposal) can be subscribed according to the additional application form.
Since the number of additional shares that can be applied for is insufficient to meet all valid applications for a total of 369 million additional shares offered according to the additional application form, the allocation of 272 million shares to eligible shareholders applying for additional shares is carried out in proportion to the number of additional shares applied for under each application as far as possible in a fair and reasonable manner. There is no reference to the number of shares offered or existing shares held by relevant eligible shareholders that were subscribed through an application under the provisional quota notice. Furthermore, no priority was granted to apply for supplementary fragmented shares.
In this regard, the board of directors has resolved to allocate and issue 272 million shares to those who have applied for additional shares on a pro rata basis, which is equivalent to about 73.88% of the total number of additional shares requested in accordance with the additional application form (i.e. 369 million shares).
Refund checks relating to all or part of unsuccessful additional share offering applications are expected to be sent on or before November 4, 2026 (Wednesday).
The total proceeds raised from the share offering were approximately HK$107 million, and the net proceeds from the share offering after deducting estimated expenses relating to the share offering were approximately HK$105 million. The Company intends to use the net proceeds as follows: (i) approximately HK$52.5 million (50%) for the Group's procurement of memory storage components; (ii) approximately HK$36.8 million (35%) for the Group's procurement of rack server inventory; and (iii) approximately HK$15.7 million (15%) for the Group's general working capital. The net proceeds are expected to be fully utilized within 12 months after the completion of the share offering.