January 13th - $SUMMI (00756.HK)$ is about to implement a 1-for-10 reverse stock split of shares. The shares will begin trading on a split-adjusted basis from February 26th, 2024.
$SUMMI (00756.HK)$ slipped 3.1% and closed at HK$0.219 on January 12th with a turnover of HK$240.08K. $SUMMI (00756.HK)$ now has a total market capitalization of HK$745.82 million.
What Is a Reverse Stock Split?
A reverse stock split consolidates the number of existing shares of stock held by shareholders into fewer shares. It does not directly impact a company's value. And it can signal a company in distress since it raises the value of otherwise low-priced shares.
Note:
The company's actual implementation is subject to the final disclosure submitted to the exchange. The information provided herein is for reference only.