China's Beidahuang (00039) issued an announcement. The board of directors proposed the implementation of the proposed restructuring, involving subscription matters; and the creditor plan. The terms include: planned share issuance; sale matters; and cancellation of creditors' claims against the company.
On January 25, 2024, the company and the investor (Zhongtai (Hong Kong) Limited) entered into a restructuring agreement for the investor to conditionally subscribe for 850 million shares. The total subscription price is HK$85 million, which is equivalent to a subscription price of HK$0.10 per share. After allocating and issuing subscribed shares to investors, the subscribed shares shall together account for approximately 11.24% of the expanded issued share capital.