Summary by Moomoo AI
Lancang Ancient Tea released a supplementary announcement on April 29, 2024, detailing its annual report for the year ended December 31, 2023, and providing the purpose and use of the net proceeds from the listing. The company completed its listing on December 22, 2023, raising approximately 155.6 million Hong Kong dollars, equivalent to 141.4 million yuan. The funds will be used to establish a modern logistics and warehouse center, build a new production workshop, improve existing production workshops, establish sales channels, brand construction and product marketing, make strategic investments and acquisitions in the tea industry, upgrade information technology infrastructure, enhance research and development capabilities, operating funds, and other general corporate purposes. All projects are expected to be completed by the end of 2025, except for operating funds and other general corporate purposes, which are expected to be used by the end of 2024. The announcement stated that the intended use of the net proceeds is consistent with the disclosure in the prospectus and remains unchanged.
