Gelonghui, January 2 | China Technology Industry Group (08111.HK) announced that the company proposed a share capital reduction involving reducing the face value of each issued share from HK$0.50 to HK$0.001 by cancelling the paid-up share capital of HK$0.499 per issued common share. After the reduction, the issued common stock with a face value of HK$0.001 per share in the company's share capital will become a new common share. The accounts due to the reduction in share capital will be used to offset the company's cumulative losses on the effective date of the share capital reduction, thereby reducing the company's cumulative losses. The balance of the incoming account (if any) will be transferred to the company's distributable reserve account, which directors can use as allocable reserves.

Immediately after the share capital reduction comes into effect, each authorized but unissued common share will be broken down into 500 new unissued common shares with a face value of HK$0.001 per share.