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'Tycoon-designated Placing Agent' RaffAello makes another move to save CA Cultural Technology Group Limited (HKSE:1566) from market adversity

·2-min read


EQS-News / 19/04/2022 / 09:46 UTC+8

"Tycoon-designated Placing Agent" RaffAello makes another move to save CA Cultural Technology Group Limited (HKSE:1566) from market adversity

 

Hong Kong Hang Seng Index Q1 suffered a cumulative drop of 1400 points or 6% to 18235 points, reaching a new ten-year-low. Poor market conditions have put enterprises into financial distress. To save the enterprises, "Tycoon-designated Placing Agent" RaffAello Securities has made a new move by helping CA Cultural Technology Group Limited ("CA Cultural")(HKSE:1566) raise about HK$88 million in a rights issue. 85% of the proceeds will be used for settlement of the CA Cultural's indebtedness and the outstanding fees of professional parties.

 

Market history tells us that enterprises which have cooperated with RaffAello Securities would rise like a phoenix from the ashes. RaffAello Securities has a very close working relationship with Li Ka-shing Family and Henderson Land Development. This "Tycoon-designated Placing Agent" has always been helping enterprises to get a chance to rejuvenate their businesses. In 2020, RaffAello Securities acted as the underwriter to the rights issues of PuraPharm Corporation Limited (HKSE:1498). The use of proceeds has been mainly used for repayment of the bank loan. After two years from the rights issue, the share price has doubled the subscription price to HK$1.62 as at 14 April 2022.

 

In April 2022, CA Cultural announced its rights issue plan to issue 612,476,000 rights shares with a subscription price of HKD0.143 per rights share to raise approximately HKD87.58 million. RaffAello Securities, again, was the sole underwriter of the rights issue.

 

CA Cultural is an investment holding company. The Group is a multimedia animation entertainment group in China, engaged in the business of sales of animation-derived products featuring a wide range of popular third-party owned animation characters, including general plastic toys and food-grade toys. The Group also offers relevant value-added services, including quality control and advice on product design to customers in accordance with their requests.



File: 'Tycoon-designated Placing Agent' RaffAello makes another move to save CA Cultural Technology Group Limited (HKSE:1566) from market adversity

19/04/2022 Dissemination of a Financial Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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