Xincheng Development has allocated 198 million shares to 9 institutional investors, raising a total of 473 million Hong Kong dollars.

According to investors, on February 5th, New City Development sold 198 million shares to 9 institutional investors at a price of HK$2.39 per share, raising a total of HK$473 million. The funds raised will primarily be used for future business development and daily operational needs to improve the company's liquidity.