Zhisheng Group Holdings (08370) issued an announcement. The company's board of directors proposed a share merger. According to this, existing shares with a face value of HK$0.01 per 10 shares in the company's share capital will be consolidated into 1 consolidated share with a face value of HK$0.1 per share in the company's share capital.
To enable the company to raise capital more flexibly in the future, the Board of Directors proposed increasing the authorized share capital of the company from HK$15 million to HK$30 million after the share merger was completed by adding an additional 150 million unissued shares.
On January 3, 2024 (after the trading period), the company entered into relevant subscription agreements with various subscribers. According to this, the company has agreed to issue conditions, and the subscribers have agreed to subscribe for 2024 convertible bonds with a total principal amount of HK$12.4 million.
Assuming that the share merger takes effect, based on the initial exchange price of HK$0.683 per share, a total of 18.1552 million shares will be allotted and issued after all of the share convertible rights attached to the 2024 convertible bonds are exercised.