Esprit (HKG:0330) proposed a 1-for-10 share consolidation, according to a Hong Kong bourse filing Monday.

Shares of the clothing retailer fell over 10% in late-morning trade Tuesday.

Under the proposal, 10 shares will be consolidated into one share of par value of HK$1, the filing said.

The company will call a meeting of shareholders to vote on the proposal.

Esprit is undertaking the consolidation to meet Hong Kong listing requirements.