Detai New Energy Group (00559) released an announcement, and the board of directors proposed to implement share consolidation, with a benchmark of (i) every 30 shares, both issued and unissued, with a par value of HKD 0.05 per share, will be consolidated into 1 share with a par value of HKD 1.50 per share; and (ii) every 30 shares, both issued and unissued, of existing preferred shares with a par value of HKD 0.05 per share, will be consolidated into 1 share with a par value of HKD 1.50 per share.

Following the effective date of the share consolidation, the company's issued share capital will be reduced by (a) offsetting any fractional shares resulting from the share consolidation in the company's issued share capital, in order to round down the total number of shares to the nearest whole number; and (b) after the reduction of share capital, canceling the par value of HKD 1.45 per share for each consolidated share and each consolidated preferred share, so that the par value of the newly issued consolidated shares and newly issued consolidated preferred shares will be reduced from HKD 1.50 to HKD 0.05 per share, and the proceeds from the reduction of share capital will be transferred to the retained earnings account defined by the company's articles of association.