Summary by Moomoo AI
China Commercial Industrial Group Limited (China Commercial) announced that it completed the general authorization to distribute new Class B shares on June 27, 2024. The distribution, priced at HKD 1.20 per share, was successfully distributed by the distribution agent to no fewer than six independent third-party underwriters, totaling 1,673,446,000 shares, accounting for approximately 6.06% of the Company's expanded issued Class B shares and 4.76% of the existing issued shares. The net amount received from the distribution is approximately HKD 199.5 million, which will be used to increase the scale of China Commercial's large installation, support the further development of generative artificial intelligence, and as general working capital. After the distribution, the total number of shares issued by the Company is 35,142,371,000 shares, of which Class A shares account for 21.40% and Class B shares account for 78.60%. The Company confirms that the public shareholding remains no less than 25%.