On December 3, Gelonghui announced that Da Fang Guang Rui De (00755.HK) will conduct a share consolidation, whereby every one hundred (100) shares of the existing issued and unissued shares with a par value of 0.02 Hong Kong dollars will be consolidated into one (1) share with a par value of 2.00 Hong Kong dollars.
Immediately after the share consolidation becomes effective, a capital reduction and subdivision will be implemented, whereby: (i) any fractional shares arising from the share consolidation in the company's issued capital will be cancelled to round down the total number of shares to a whole number, where applicable; (ii) an amount of 1.98 Hong Kong dollars for each issued consolidated share will be cancelled to reduce the par value of each issued consolidated share from 2.00 Hong Kong dollars to 0.02 Hong Kong dollars; (iii) each authorized but unissued consolidated share (including those created by the capital reduction) will be subdivided into one hundred (100) new shares with a par value of 0.02 Hong Kong dollars, resulting in the company's authorized capital remaining at 400,000,000 Hong Kong dollars, divided into 20,000,000,000 new shares; and (iv) following the effectiveness of the capital reorganization, the capital reduction will result in a credited amount of approximately 294,611,160 Hong Kong dollars being transferred to the company's contributed surplus account, and the entire amount will be used to offset part of the accumulated losses.
The company has applied to resume trading of shares starting from 9:00 AM on December 4, 2024, after the issuance of this announcement.
