Hong Kong, 15 August 2014: Leading Chinese mobile commerce company 99 Wuxian Limited
(ASX:NNW) (“99 Wuxian” or the “Company”) is pleased to provide shareholders with a business and market update.
A$25m Equity Placement
99 Wuxian successfully completed the A$25 million equity placement with settlement completing on Tuesday, 12 August. The significant majority of the placement was placed to Australian, Singaporean and Hong Kong institutional investors.
Utilisation of Placement Funds
The proceeds of the Placement will be utilised in marketing campaigns to drive registered user growth, increase investment in data mining research, upgrade IT systems to match long-term business growth and general working capital. The 2nd half of the calendar year is the peak period for the Chinese retail market.
For further information please download PDF attached:
