XH NEWS MEDIA (00309) has announced a proposal from its board of directors to implement a share consolidation. The basis for the consolidation is that every 40 issued and unissued shares, each with a par value of HK$0.01, will be combined into one consolidated share with a par value of HK$0.40. The share consolidation is subject to, among other conditions, approval by shareholders at an extraordinary general meeting.

As of the date of this announcement, the company's authorized share capital is HK$40 million, divided into 4 billion existing shares with a par value of HK$0.01 each. Of these, 1.931 billion shares have been allotted and issued and are fully paid up. Following the effective date of the share consolidation, and assuming no change to the authorized share capital from the announcement date until the consolidation takes effect, the company's authorized share capital will remain HK$40 million, divided into 100 million consolidated shares with a par value of HK$0.40 each. There will be approximately 48.2767 million issued consolidated shares.

Currently, the board lot size for trading the existing shares on the Stock Exchange is 1,000 existing shares. Subject to and conditional upon the share consolidation becoming effective, it is proposed that the board lot size for trading on the Stock Exchange be changed from 1,000 existing shares to 2,000 consolidated shares.