Pa Shun International Holdings Limited (PASHUN INT'L, 00574) will raise up to HK$10.00 million through a non-underwritten rights issue, offering one new share for every two existing shares held on 4 May 2026 (record date).
Key terms • Issue size: up to 737.50 million rights shares, representing 50% of the current 1.47 billion shares in issue. • Subscription price: HK$0.01356 per rights share— a 72.88% discount to the 16 April 2026 close of HK$0.0500 and a 64.18% discount to the theoretical ex-rights price of HK$0.0379. • Listing: Nil-paid rights trade 13–20 May 2026; fully-paid rights commence trading on 22 June 2026. • Status: Rights issue proceeds on a best-effort, non-underwritten basis; unsubscribed entitlements will be placed by Metaverse Securities under compensatory arrangements.
Use of proceeds Net proceeds of about HK$9.50 million (after HK$0.54 million expenses) will be applied to partially settle an outstanding RMB17 million loan from Dongcai Jiashi Holdings (Hainan) Co., Ltd. The loan, carrying a 15% annual interest rate after 30 June 2025, has accrued roughly RMB6.10 million in unpaid interest; Dongcai has demanded repayment of RMB3 million principal plus accrued interest by June 2026.
Capital structure impact Assuming full take-up, total issued shares will rise to 2.21 billion. Audited consolidated net tangible liabilities attributable to shareholders were RMB147.98 million at 31 December 2025; pro forma adjustment for the net proceeds would reduce this to RMB139.65 million, improving net tangible liabilities per share from RMB0.10 to RMB0.06.
Recent performance For FY2025, the Group recorded revenue of RMB86.80 million and a net loss of RMB15.86 million, pressured by margin erosion after several products joined China’s National Centralised Drug Procurement programme. Cash and cash equivalents stood at RMB5.52 million; net current liabilities were RMB17.40 million.
Risk reminder The rights issue is subject to customary conditions, including Stock Exchange approval. If conditions are not met, the transaction may not proceed. Trading in ex-rights shares commenced on 23 April 2026. Shareholders and investors are advised to exercise caution when dealing in the company’s securities.