Gelonghui, December 15|Phoenix TV (02008.HK) announced that the board of directors proposed merging every ten (10) issued and unissued existing shares in the company's share capital into one (1) share consolidated share. The merger of shares must be approved by shareholders (including) at a special shareholders' meeting before it can be carried out.
At the date of this announcement, existing shares were traded on the Stock Exchange at 2,000 existing shares per lot. Pending the entry into force of the limited share consolidation, each trading unit proposed to be traded on the Stock Exchange will be changed from 2,000 existing shares to 1,000 consolidated shares. Based on the closing price of HK$0.239 per existing share reported on the Stock Exchange on the date of the announcement, assuming that the share consolidation has taken effect, the consolidated share value of 1,000 shares per trading unit will be HK$2,390.