ZHENGWEI GROUP (02147) plans to conduct a share consolidation using a "20 to 1" ratio.

ZHENGWEI GROUP (02147) announced that the board of directors proposes to implement a share consolidation, consolidating every 20 existing issued and unissued shares with a par value of $0.01 per share into 1 share with a par value of $0.2 per share. As of the date of this announcement, there are 1.12 billion existing shares issued and no treasury shares held by the company. After the share consolidation takes effect, assuming no further issuance or repurchase and cancellation of existing shares from the date of this announcement to the effective date of the share consolidation, the issued consolidated shares will not exceed 56 million shares. As of the date of this announcement, the existing shares are traded on the Stock Exchange of Hong Kong in units of 4,000 shares. After the share consolidation takes effect, the trading units for consolidated shares will continue to be 4,000 shares per unit.