On May 13th, GeLongHui reported that CNC Holdings (08356.HK) proposed to merge all existing and unissued shares at a value of HKD 0.001 per share for every 100 shares into one share at a value of HKD 0.1 per share. The share consolidation plan must be approved by the shareholders at the special general meeting (including) before it can be implemented. As of the date of this announcement, a total of 5,722,016,614 shares have been paid or accounted for as paid for existing issued shares. Assuming that no further shares will be issued or repurchased from the date of this announcement until the effective date of the share consolidation, there will be 57,220,166 shares of fully paid or accounted for as paid for the issued consolidated shares after the share consolidation becomes effective.

The board of directors proposed to change the trading unit on the Stock Exchange of Hong Kong from 10,000 shares of existing shares to 2,000 consolidated shares, but this can only be done after the share consolidation becomes effective.