Qianhai Health (00911) issued an announcement. The board of directors recommended a face value of HK$0.04 per 10 shares already issued and...
According to the Zhitong Finance App, Qianhai Health (00911) issued an announcement. The board of directors proposed a share merger based on the basis that the issued and unissued existing shares with a face value of HK$0.04 per 10 shares were merged into 1 consolidated share with a face value of HK$0.40 per share.
As at the date of this announcement, the authorized share capital of the Company was HK$200 million, divided into 5 billion existing shares with a face value of HK$0.04 per share, of which 1,694 billion shares were allotted and issued shares which were paid in full or recorded in the accounts.
After the share merger comes into effect, assuming that there is no change in the authorized share capital of the company between the date of this announcement and the effective date of the share merger, the authorized share capital of the company will be HK$200 million, divided into 500 million consolidated shares with a face value of HK$0.40 per share, of which 169 million consolidated shares have already been issued.
Existing shares are currently traded on the Stock Exchange using 5,000 existing shares per trading unit. The board of directors proposed changing the trading unit for each lot traded on the Stock Exchange from 5,000 existing shares to 10,000 consolidated shares after the share merger comes into effect.
Based on the closing price of existing shares at HK$0.04 per share (equivalent to the theoretical closing price of HK$0.40 per share for consolidated shares), the value of 5,000 existing shares per trading unit is HK$200; and assuming the share merger takes effect, the value of 10,000 shares of consolidated shares per trading unit will be HK$4,000.