Zhitong Finance App News, Shanghai Xiaonanguo (03666) announced that the board of directors proposed changing the company's current English name from “Shanghai XNG Holdings Limited” to “China Herbcure Group Holdings Limited” and adopting the Chinese name “China Baicao Group Co., Ltd.” as the company's new dual foreign language name to replace its current Chinese name “Shanghai Xiaonanguo Holdings Co., Ltd.”
Furthermore, the board of directors recommended implementing a share capital restructuring involving share consolidation, share capital reduction, and share division.
The Board recommended implementing a share consolidation based on merging the issued and unissued existing shares with a face value of HK$0.01 per 30 shares into a consolidated share with a face value of HK$0.3 per share.
Immediately after the share merger comes into effect, the share capital reduction will reduce the face value of each issued consolidated share from HK$0.30 to HK$0.01 by: (a) excluding any fragmented consolidated shares from the company's issued share capital to round down the total number of consolidated shares and consolidated preferred shares; and (b) canceling the total number of consolidated shares and consolidated preferred shares involved in the cancellation of each issued consolidated share of HK$0.29 to reduce the face value of each newly issued consolidated share from HK$0.30 to HK$0.01 per share Hong Kong dollars, and the revenue generated by the reduction in share capital will be Transfer into the company's actual surplus account as defined in the Companies Act.
Share breakdown, that is, immediately after the share capital reduction takes effect, each authorized but unissued consolidated share will be split into 30 statutory but unissued new shares with a face value of HK$0.01 per share.