Feitian Yundong (06610) proposes to increase the authorized share capital and proposes to issue shares according to the “1 to 4” basis

According to Zhitong Finance App, Feitian Yundong (06610) issued an announcement. The board of directors proposed increasing the Company's authorized share capital from 50,000 US dollars (250 million shares with a face value of 0.0002 US dollars per share) to 400,000 US dollars (divided into 2 billion shares with a face value of 0.0002 US dollars per share) by adding an additional 1.75 billion unissued shares with a face value of 0.0002 US dollars per share. After shareholders pass an ordinary resolution approving the increase in authorized share capital at the special shareholders' meeting, the increase in authorized share capital will take effect after the ordinary resolution is passed on the day of the special shareholders' meeting.

Furthermore, the Company proposes to allocate four shares for each existing share held by eligible shareholders on the record date, at a subscription price of HK$0.6 per share. The total amount of proceeds raised by issuing up to 520 million shares (assuming there is no change in the total issued share capital of the Company on or before the record date) is approximately HK$312.1 million (before deducting costs and expenses). The share offering is non-underwritten. Only eligible shareholders can participate; unqualified shareholders cannot participate.

Assuming that there is no change in the total amount of issued share capital of the Company on or before the record date, and the share offering is fully accepted, the estimated maximum net proceeds from the offering (after deducting all estimated expenses) is approximately HK$306.8 million.