GCL NEW ENERGY (00451) plans to raise approximately HK$131 million by selling 127 million shares.

GCL NEWENERGY (00451) announced that on April 20, 2026 (after trading hours), the company has entered into a placing agreement with the placing agent. According to the agreement, the company has agreed to appoint the placing agent to act as its agent to use best efforts to facilitate the purchase of up to 127 million shares of placing shares by buyers at a placing price of HK$1.05 per share. The maximum number of placing shares represents approximately 8.17% of the existing issued share capital of the company as of the date of this announcement, and approximately 7.55% of the enlarged issued share capital of the company after the issue and placement of the placing shares (assuming no changes in the issued share capital of the company except for the issue and placement of the placing shares from the date of this announcement until the completion of the placing). The placing price of HK$1.05 per share is equivalent to the last trading day closing price of HK$1.05 per share on the Stock Exchange. The estimated net proceeds from the placing, after deducting all relevant expenses, costs, and expenditures to be borne by the company (including placing agent's commission, Stock Exchange trading fees and stamp duties, and other expenses incurred in connection with the placing), are expected to be up to approximately HK$1.31 billion. The company intends to use the estimated net proceeds from the placing for: (i) comprehensive business development, including expanding and digitally upgrading its photovoltaic operation and management business; (ii) expanding the energy and related product trading business; (iii) repaying existing bank and other loans due by the group before September 30, 2026; and (iv) paying administrative expenses.