---
title: "ITC PROPERTIES is raising funds through a placement and issuing warrants amounting to HKD 470 million, with Legislative Council member Wu Jietzhuang participating in the subscription"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/273091092.md"
description: "ITC PROPERTIES (199) received increased holdings from Legislative Council member Wu Jietzhuang and Rui Kai Group, and after being suspended, placed a placement of 11.5 million shares at HKD 1.14 and 130 million shares, raising over HKD 160 million. Rui Kai also subscribed to 180 million warrants, providing nearly HKD 307 million in funding. After the subscription, Chen Guoqiang's shareholding decreased to 46.02%, while Rui Kai increased to 20.08%. The funds will be used for the transformation of the real estate business and the Web3 ecosystem. ITC PROPERTIES is primarily engaged in property development and investment"
datetime: "2026-01-20T13:25:34.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/273091092.md)
  - [en](https://longbridge.com/en/news/273091092.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/273091092.md)
---

# ITC PROPERTIES is raising funds through a placement and issuing warrants amounting to HKD 470 million, with Legislative Council member Wu Jietzhuang participating in the subscription

The property company ITC PROPERTIES (199), with major shareholder Chen Guoqiang, known as the "King of Shells," has seen an increase in holdings by Legislative Council members Ng Kit Cheung and Lau Ho Yan's Reynold Lemkins Group. ITC PROPERTIES was suspended yesterday and announced after the market closed that it would issue 11.5 million shares to Ng Kit Cheung and 130 million shares to Reynold at a placement price of HKD 1.14, a discount of 19.7% compared to Monday's stock price, raising over HKD 160 million, with a lock-up period until December 21 of this year. Additionally, Reynold will subscribe for 180 million warrants from ITC PROPERTIES for HKD 18 million, which can provide nearly HKD 307 million in further funding at an exercise price of HKD 1.704 per share. ITC PROPERTIES will resume trading today.

## Reynold can make a full takeover offer after the completion of the transactions

After the completion of the two share subscriptions, Chen Guoqiang's shareholding will decrease from 52.48% to 46.02%; Reynold's shareholding will increase from 10% to 20.08%; and Ng Kit Cheung's shareholding will increase from 0.02% to 1.02%. If the subscription rights are fully exercised, Reynold's shareholding will increase to 30.9%, while Chen Guoqiang's will decrease to 39.79%. Reynold stated that this not only marks its formal crossing of the regulatory threshold for a full takeover offer but also validates its "step-by-step control" logic. It is worth noting that former real estate and construction functional constituency Legislative Council member Shih Lai Him is the co-chairman of ITC PROPERTIES.

The proceeds from Ng Kit Cheung's share subscription are intended for the company's traditional real estate business, strategic transformation and upgrading through integration into the Web3 ecosystem, and general working capital. The proceeds from Reynold's share subscription are intended for asset-oriented investments and project incubation plans; expansion of Web3-related application layers and asset empowerment arrangements; and general working capital.

ITC PROPERTIES is primarily engaged in property development, sales, and investment in Macau, Hong Kong, China, and Canada, as well as securities investment and providing loan financing services. ITC PROPERTIES stated that contracts related to preliminary phase work such as strategic preparation, digital infrastructure development, and capability building are currently being executed, and the net proceeds from the share subscriptions are intended to be used in a phased and rigorous manner to further enhance the quality, structure, and allocation efficiency of the company's asset portfolio while maintaining the existing nature of its main business and business segment composition unchanged

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