Xinhua Joint Investment (08159) plans to carry out a share merger on a “20 merger” basis

Zhitong Finance App News, Xinhua Joint Investment (08159) issued an announcement. The board of directors proposed a share consolidation based on the basis of merging the issued and unissued existing shares with a face value of HK$0.01 per 20 shares in the Company's share capital into 1 consolidated share with a face value of HK$0.20 per share.

As of the date of this announcement, the Company's authorized share capital was HK$100 million, divided into 10 billion existing shares with a face value of HK$0.01 per share. Of these, 805 million existing shares have been allotted and issued, and fully paid or recorded as fully paid shares.

After the share merger comes into effect, and assuming that (i) there is no change in the authorized share capital of the Company from the date of this announcement; and (ii) the Company will not allocate, issue or repurchase any existing shares before the effective date of the share merger, the Company's authorized share capital will be HK$100 million divided into 500 million shares of common shares with a face value of HK$0.20 per share, of which 40.24 million consolidated shares will be issued and fully paid or recorded in the accounts.