Noon on June 9th，188bet online sports betting Airways Announcement on the Hong Kong Stock Exchange，The company’s board of directors announced a proposal to implement a recapitalization plan，The total amount raised is approximately HK billion。What deserves attention，This financing amount is larger than 188bet online sports betting’s current total market value。As of before suspension，188bet online sports betting’s total market capitalization is 346.HK.7 billion。At present, Swire Group has announced its commitment to subscribe for this fund raising。

According to 188bet online sports betting’s announcement, the recapitalization proposals include:

(1) Issuance of preferred shares and warrants，That is, the proposed issuance by 188bet online sports betting to Aviation2020 Limited: (a) preference shares，The total subscription amount is HK.5 billion；and (b) warrants to subscribe for shares，The total exercise price is approximately 19.HKD 500 million (subject to adjustment)；

(2) Rights issue，It is proposed that seven rights shares will be issued for every eleven existing shares held on the rights issue record date at the rights issue subscription price 4.68 Hong Kong dollars for rights issue 2,503,355,631 rights shares，The total amount of funds raised is approximately HK.7 188bet online sports betting；

(3) Bridging Loan，The assumed bridge loan facility provided by Aviation2020Limited to 188bet online sports betting，The amount is HK.8 billion。Swire、Air China and Qatar Airways irrevocably commit to subscribe for all rights shares tentatively allotted to them under the rights issue at the subscription price，and each voted in favor of all resolutions to be proposed at the EGM to implement the recapitalization proposal。

Swire Pacific’s announcement on the Hong Kong Stock Exchange，Irrevocable commitment issued to 188bet online sports betting on June 9, 2020，According to this commitment，Swire Pacific has irrevocably committed to subscribe for 188bet online sports betting rights shares at the subscription price。The basis for the 188bet online sports betting rights issue is 7 188bet online sports betting rights shares for every 11 existing 188bet online sports betting shares held，Subscription price is 4.HKD 68。Swire Pacific has applied to United Exchange to resume trading of Swire Pacific shares and debt securities from 9:00 am on June 10, 2020。

According to 188bet online sports betting announcement，Its second largest shareholder Air China and Qatar Airways will also subscribe for the additional shares。According to other media reports，The Hong Kong SAR government will provide HK billion in loan support and equity investment to 188bet online sports betting，Aviation2020Limited in the announcement or a company established by the Hong Kong government。

An official press release subsequently sent to reporters by 188bet online sports betting，Confirmed this analysis。

Announcement name，188bet online sports betting announced a recapitalization plan today。The plan is divided into three parts，Aims to provide 188bet online sports betting with sufficient capital to cope with the decline in the global aviation industry，And provide a stable financial platform，Let 188bet online sports betting comprehensively review its business and conduct business transformation，To reflect the new trend of the global tourism market。

The recapitalization plan consists of three parts:

• Part A: 188bet online sports betting, subject to necessary shareholder approval，Issuance of HK.5 billion preference shares and detached warrants to the Hong Kong Special Administrative Region Government

• Part B: 188bet online sports betting, subject to necessary shareholder approval，Allotment of HK.7 billion rights shares to existing shareholders

• Part C: The Hong Kong SAR Government provides a HK.8 billion bridging loan to 188bet online sports betting，And can be extracted and used in real time。

According to this reorganization plan，The Hong Kong SAR government will subscribe for HK.5 188bet online sports betting in preference shares，Provide loan of HK.8 188bet online sports betting，Total HK.3 188bet online sports betting，Slightly lower than the market rumored HK 188bet online sports betting。

*Source of this article：21 Finance，Author:Gao Jianghong, original title: "188bet online sports betting Airways announces major issues, 39 billion financing shocks the market》.