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NEWBORN TOWN INC.
赤 子 城 科 技 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 9911)
SUPPLEMENTAL ANNOUNCEMENT IN RELATION
TO THE 2019 ANNUAL REPORT OF THE COMPANY
Reference is made to the annual report (the "Annual Report") of Newborn Town Inc. (the "Company", together with its subsidiaries, the "Group") for the year ended 31 December 2019 published on the website of both The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the Company on 28 April 2020. Terms used herein shall have the same meanings as defined in the Annual Report unless the context requires otherwise.
The board of directors (the "Board") would like to provide further information on the Annual Report regarding the expected timeline for the application of the unutilised proceeds from the global offering of the shares of the Company (the "Global Offering") pursuant to paragraph 11(8) of Appendix 16 of the Rules Governing the Listing of Securities on the Stock Exchange. The shares of the Company were listed on the Stock Exchange on 31 December 2019 with net proceeds from the Global Offering amounted to approximately HK$166.9 million (after deducting professional fees, underwriting commissions and other related listing expenses).
As of 31 December 2019, due to the proximity in time between completion of the initial public offering and the year-end date, the net proceeds had not been utilised by the Group. The Directors are not aware of any material change to the planned use of the proceeds as set out in the section headed "Future Plans and Use of Proceeds" in the prospectus of the Company dated 17 December 2019 (the "Prospectus").