China United Development Holdings(00264.HK)25 million share placement agreement becomes invalid due to unmet conditions

Gelonghui April 8 | China United Development Holdings (00264.HK) announced that on March 17, 2026, the placing agent and the Company entered into a placing agreement, pursuant to which the placing agent has conditionally agreed to, as the Company’s agent on a best-efforts basis, procure not less than six placees (each of them and their respective ultimate beneficial owner(s) are independent third parties) to subscribe for up to 25M placing shares, at the placing price of HK$1.83 per placing share. The placing shares will be allotted and issued pursuant to the general mandate granted to the directors at the annual general meeting held on June 3, 2025. The placing price of HK$1.83 per placing share represents a discount of approximately 14.08% to the closing price of HK$2.13 per share reported by the Stock Exchange.

The Company announced that, as the conditions precedent to the placing agreement were not satisfied or fulfilled before the long-stop date, the placing agreement will lapse and the placing will not proceed. All obligations and liabilities of the placing agent and the Company under the placing agreement will cease and terminate immediately, and neither the placing agent nor the Company may make any claim against the other in respect of this, except for any prior breach of the placing agreement, and without prejudice to the rights and liabilities already accrued to the placing agent and the Company. No reimbursement or fees related to the placing will be paid to the placing agent.