HK Stock Market Move | POWERLONG CM (09909) up more than 16%, controlling shareholder POWERLONG may sell shares for debt restructuring.

POWERLONG CM (09909) rose more than 16%, as of the time of publication, it had risen by 16.59% to HK$2.6 with a turnover of HK$7.013 million. In terms of news, POWERLONG CM announced this morning that the company's controlling shareholder, POWERLONG, had notified them that POWERLONG had entered into a debt restructuring support agreement on October 10th. According to the terms and conditions of the POWERLONG restructuring, the restructuring price will be determined by a combination of options chosen by the creditors, including (but not limited to) POWERLONG selling or pledging company shares, paying a total of US$40 million in cash in full or in part; and transferring company shares to the creditors (equivalent to no more than 32.4% of the company's issued shares). As of the announcement date, POWERLONG holds approximately 405 million shares of the company through its wholly-owned subsidiary, accounting for about 63% of the company's issued shares. The company expects that the POWERLONG restructuring will not have any adverse impact on the operations of the company and its subsidiaries.