Haichang Ocean Park to issue new shares, seeks whitewash waiver

Haichang Ocean Park Holdings (HKEX: 2255) announced a strategic move to issue 5.1 billion new shares at a subscription price of HKD 0.45 per share, potentially raising HKD 2.295 billion. The subscriber, Sunriver Starrysea Tourism (Cayman) Co., Ltd., will own approximately 38.60% of the company after the allotment. The company has applied for a Whitewash Waiver from the Executive to avoid a mandatory general offer under the Takeovers Code. The proposed transaction is subject to Independent Shareholder approval at an Extraordinary General Meeting (EGM) and the granting of the Whitewash Waiver. Concurrently, Haichang plans to increase its authorised share capital from USD 500,000 to USD 750,000. The net proceeds from the subscription will be used to support daily operations, core business development, and debt repayment. CITIC Securities (Hong Kong) Limited is acting as financial advisor to the Company and Huatai Financial Holdings (Hong Kong) Limited is acting as financial advisor to the Subscriber.