HK Stock Market Move | PAN ASIA DATA H (01561) surged 166% after resuming trading; proposed restructuring brings in CEO of Shangbentang Integrative Research and others as shareholders.

PAN ASIA DATA H (01561) surged 166% after resuming trading. As of press time, it was up 100.00% at HK$0.12, with a turnover of HK$5.3699 million. On the news front, PAN ASIA DATA H announced that it has entered into a memorandum of understanding with PC, a company 70% and 30% owned by Lau Wai Yee, Chief Executive Officer of Shangbentang Integrative Research and Marketing Director of Codex Genetics, and Wong Sai Kit, who is both a barrister and a solicitor, respectively, in relation to the group's proposed restructuring. If the transaction is completed, PC will hold approximately 66.55% of the equity and become the controlling shareholder. It is worth noting that the proposed restructuring includes a consolidation of every 10 shares into 1 share, with PC subscribing for 212 million new consolidated shares at HK$0.37736 per share for HK$80 million, representing approximately 66.55% of the enlarged share capital. Approximately HK$30 million of the proceeds will be used to repay debts owed to creditors under the creditor scheme, approximately HK$10 million will be used to settle the proposed restructuring expenses, and approximately HK$40 million will be used for general working capital purposes. PC is required to grant the group an unsecured interest-free loan of HK$8 million to pay professional fees relating to the proposed restructuring and the subscription.