New Concepts Holdings (HKG:2221) said it has completed a connected transaction involving the issue of 10 million new shares at HK$1 each to Chairman Zhu Yongjun to settle outstanding debt, according to an Oct. 17 Hong Kong bourse filing.

The allotment, representing about 5.2% of the enlarged share capital, was executed under a specific mandate.

The HK$10 million subscription price was fully offset against an equivalent amount owed to Zhu, meaning no cash proceeds were raised.

Following completion, Zhu's shareholding increased to nearly 18.7 million shares, or 9.7% of the company's enlarged issued capital, from close to 8.7 million shares, or 4.8%, previously, the filing said.