Tongda Group Shareholders Approve 50-for-1 Stock Consolidation; Shares Slide 7%

MT Newswires Live

10/10

Tongda Group (HKG:0698) said its shareholders approved a 50-for-1 consolidation of its stock, according to a Hong Kong bourse filing Thursday.

Shares of the mobile accessories maker fell 7% in late morning trade Friday.

The move would convert nearly 9.47 billion existing shares of HK$0.01 each into about 194.7 million consolidated shares of HK$0.5 each.

The company's stock trading lot size will also change to 1,000 shares from 10,000 shares on the Hong Kong Stock Exchange.

Tongda previously said the changes would help the company meet listing requirements in Hong Kong.

Trading in the consolidated shares will begin at market open on Oct. 13, while the lot size will change on Oct. 27.

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