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Rongsheng Development: Terminate the issuance of A-shares to specific targets for the 2022 fiscal year and withdraw the application documents
Rongsheng Development Announcement: The company has decided to terminate the issuance of A-shares to specific targets in 2022 and withdraw the application documents. The original plan was to issue no more than 1.3B A-shares to no more than 35 specific targets, with a total fundraising amount not exceeding 2.87B yuan (including this amount), mainly for real estate projects related to “ensuring delivery and people’s livelihood” and to supplement working capital. The termination was mainly due to considerations of market environment, capital market conditions, and project progress. The termination will not have a significant adverse impact on the company’s normal production and operations.