HUISHENG INTL (01340) plans to implement a stock consolidation of "8 shares into 1"

HUISHENG INTL(01340) announced that the board of directors proposes to consolidate the existing issued and unissued shares of the company at a ratio of 8 shares per every share with a par value of HK$0.01 to 1 share with a par value of HK$0.08 per share. The company also proposes to change the trading unit on the Stock Exchange from 4,000 shares of existing shares to 10,000 shares of consolidated shares, subject to the effective date of the share consolidation. On May 20, 2026, the company plans to issue a maximum of approximately 185 million existing shares through a placement agent to at least six underwriters, with each share priced at HK$0.046, representing a discount of approximately 19.30% compared to the closing price of HK$0.057 on that day. The maximum net proceeds from the placement are expected to be around HK$8.22 million, with 20% to be used for general operating funds to support the group's daily operations and business development, and 80% to be used for purchasing frozen meat from overseas and domestic suppliers to expand the group's local frozen meat trading business in Hong Kong.