Gelonghui, May 13, 丨 China Xinhua TV (08356.HK) announced that the board of directors proposed a share consolidation based on merging the issued and unissued existing shares with a face value of HK$0.001 per 100 (100) shares into one (1) consolidated share with a face value of HK$0.1 per share. Stock consolidation is subject to approval by shareholders (including) at the Extraordinary General Meeting of Shareholders before it can actually take place. As of the date of this announcement, a total of 5,722,016,614 existing issued shares have been fully paid or recorded as fully paid. Assuming that no further shares will be issued or repurchased from the date of this announcement until the effective date of the share merger, 57,220,166 issued consolidated shares will be fully paid or recorded as fully paid up after the share merger comes into effect.
The board of directors recommended changing the trading unit for each lot traded on the Stock Exchange from 10,000 existing shares to 2,000 consolidated shares, but this will not be implemented until the share consolidation takes effect.