Silkwave Inc (Stock Code: 471) has reported results for its non-underwritten Rights Issue, offered at three Rights Shares for every one Share held. As of 23 February 2026, valid acceptances for 255.13 million Rights Shares were received, representing 70.90% of the 359.82 million Rights Shares available for subscription. Additional valid acceptances for 121.54 million Excess Rights Shares brought the total accepted and applied to 376.67 million, or 104.68% of the offered amount, resulting in an over-subscription of 16.85 million shares.
According to the announcement, 104.69 million Rights Shares under the Excess Application pool were allocated on a pro-rata basis, representing 86.14% of the total Excess Rights Shares applied for. The net proceeds from the Rights Issue reached HK$162.00 million, allocated as 33.50% for technology development and infrastructure under the CMMB Business, 29.20% for developing the Trading Business, 8.40% for hiring manpower in the PRC, 4.20% for marketing, 16.30% for general working capital, and 8.40% for other future opportunities.
In terms of shareholding structure, the total issued shares increased from 119.94 million to 479.76 million. Chi Capital held 60.86 million Shares before completion at approximately 50.74% and now holds the same number of Shares, representing about 12.68%. Public shareholders currently account for around 87.32%.
Convertible Note adjustments were also announced, including a reduction in the conversion price from HK$7.00 to HK$5.489 and an increase in the underlying Shares from 7.78 million to 9.92 million. These adjustments take effect from 3 March 2026, with all other terms of the Notes remaining unchanged.
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