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Advised Tibet Water Resources Ltd. (HKEx stock code: 1115) on its 3-for-1 rights issue

Chungs Lawyers (in association with DeHeng Law Offices) (“DeHeng Hong Kong”) has advised Tibet Water Resources Ltd. (HKEx stock code: 1115) (the “Company”) on its 3-for-1 rights issue. DeHeng Hong Kong, together with DeHeng Law Offices (Shenzhen) (“DeHeng Shenzhen”), also assisted the Company in completing the regulatory filing requirements to allow PRC southbound investors participating in the rights issue.

Valid acceptances of approximately 54.7% of the total number of rights shares being offered under the Rights Issue were received, and the remainder of 45.3% untaken shares were subject to placing by the placing agent on a best effort basis under the compensatory arrangements, which have been successfully placed by the placing agent in accordance with the terms of the placing agreement. All conditions to the rights issue and the placing were also fulfilled. Dealings in the rights shares commenced on the HKEx at 9:00 a.m. on Tuesday, 31 January 2023.

The Company is principally engaged in the production and sale of water products and beer products in the PRC. The aggregate net proceeds raised from the rights issue (including the placing), after deducting all related costs, fees, expenses and commission, were approximately HK$388 million.

DeHeng Hong Kong and DeHeng Shenzhen worked closely with the Company and other professional parties, and assisted the Company in communicating with the Hong Kong Stock Exchange and the China Securities Regulatory Commission and in answering their queries to their satisfaction.

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