Huasheng International Holdings (01323) issued an announcement. The company's board of directors proposed a share merger based on the merger of issued and unissued existing shares with a face value of HK$0.01 per 10 shares into 1 consolidated share with a face value of HK$0.1 per share.
As of the date of this announcement, existing shares were traded on the Stock Exchange with a trading order of 2,000 existing shares per lot. Pending the entry into force of the share consolidation, the board of directors proposes to change each lot traded on the Stock Exchange from 2,000 existing shares to 20,000 consolidated shares.
Based on the closing price of HK$0.014 per existing share (equivalent to HK$0.14 per consolidated share) reported on the Stock Exchange on the date of this announcement, the market value of each trading unit of 20,000 consolidated shares is HK$2,800 (assuming that the share consolidation and the change in the trading unit per lot have taken effect).