Sound Group (02495) said the subscription agreement for its third issue of new H shares under general mandate has lapsed and will not have any material adverse impact on its operations or financial position.

The company said SCI-TECH UNICORN LPF, a fund with Laitian Investment as general partner, had agreed to subscribe for about 2.198 million shares at HK$46.3 each, for proceeds of about HK$100 million. As none of the conditions precedent were met, the parties agreed not to further extend the long-stop date, and the agreement automatically lapsed on Friday, July 4, according to ETNet.