361 degrees plans to raise approximately HK$618 million through a rights issue to expand its overseas market network.

361 Degrees announced on the Hong Kong Stock Exchange that Ming Rong International has agreed to sell up to 100 million shares at a price of HK$6.18 per share. 361 Degrees has agreed to subscribe for shares at a price of HK$6.18 per share, and to issue and allot the subscribed shares. The price of the shares being sold is at a discount of approximately 10.7% from the closing price of HK$6.92 on the last trading day. Ming Rong International is fully owned by DHH, which is in turn fully owned by TMF Ltd. The total estimated proceeds from the subscription are approximately HK$618 million. Around 80% of the net proceeds will be used to expand the overseas market network, while around 20% will be used for general operating funds and other business purposes. UBS is the sole placement agent.