NEW CITY DEV (00456) announced that on May 4, 2026, the company entered into a subscription agreement with a subscriber. Under the agreement, the company will issue a total of 27.649 million new shares at a price of HK$0.373 per share, utilizing its general mandate. The subscriber has conditionally agreed to subscribe for the shares.

The 27.649 million subscription shares represent approximately 14.82% of the company's existing issued share capital as of the announcement date, and about 12.91% of the enlarged issued share capital following the share issuance.

The subscription price of HK$0.373 per share represents a discount of approximately 12.24% compared to the closing price of HK$0.425 per share on the Hong Kong Stock Exchange on the last trading day.

The gross proceeds from the share issuance will amount to approximately HK$10.3131 million. After deducting related expenses, the net proceeds are expected to be approximately HK$10.013 million, with a net price of about HK$0.362 per subscription share.

The company's board intends to allocate the net proceeds for the group's general working capital purposes.