Dexiang Real Estate has raised over 16% through a placement of 70.56 million yuan, of which approximately 30% will be used to support integration into the Web3 ecosystem for strategic transformation and upgrading.

ChainCatcher news, Dexiang Real Estate (00199) announced the issuance of 100.8 million shares to The Reynold Lemkins Group (Asia) Limited, accounting for 10% of the total issued shares after expansion, with a subscription price of 0.7 yuan per share, representing a discount of 16.67% compared to the closing price of 0.84 yuan on the last trading day before suspension, raising 70.56 million yuan, with a net amount of 68.76 million yuan. Of the net proceeds, (i) approximately 30% will be used to support the group's strategic transformation and upgrading of its traditional real estate business through integration into the Web3 ecosystem; (ii) approximately 25% will be used for selective acquisitions or investments in enterprises and projects that are highly aligned with the group's strategic transformation, to enhance the group's capabilities in artificial intelligence, digitalization, blockchain, and other beneficial fields; (iii) approximately 25% will be used to expand strategic partnerships and regional market coverage; and (iv) approximately 20% will be used for general working capital. Dexiang Real Estate resumed trading this morning. The ultimate beneficial owner of the subscriber is entrepreneur Liu Haoran.