Tongda Group Board Proposes 1-for-50 Stock Consolidation
MT Newswires Live
Yesterday
Tongda Group (HKG:0698) said its board proposed a 1-for-50 consolidation of its stock, according to a Hong Kong bourse filing Monday.
Shares of the mobile accessories maker fell nearly 8% in morning trade Tuesday.
The move would convert 9,735,607,645 existing shares of HK$0.01 each into 194,712,152 consolidated shares of HK$0.5 each.
The company's board also proposed changing the stock trading lot size from 10,000 shares to 1,000 shares on the Hong Kong Stock Exchange.
Tongda said the changes would help the company meet listing requirements in Hong Kong.
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