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The latest announcement is out from Hands Form Holdings Limited ( (HK:1920) ).
China Wacan Group Company Limited has completed a connected transaction involving the subscription and issue of 112,320,000 new shares under a specific mandate, following the fulfillment of all conditions in the subscription agreement. The new shares were issued at HK$0.3965 each and represent about 23.08% of the company’s enlarged share capital upon completion.
As a result of the transaction, total issued shares increased from 374,400,000 to 486,720,000, with the subscriber, wholly owned by chairman Mr. Zhou, raising its stake from 53.17% to 63.98%. Public shareholders were diluted from 46.83% to 36.02%, consolidating control in the hands of the chairman and potentially affecting the balance of influence between controlling and minority shareholders.
More about Hands Form Holdings Limited
China Wacan Group Company Limited is a Cayman Islands-incorporated company listed on the Hong Kong Stock Exchange. The group operates under stock code 1920 and is controlled by chairman and executive director Mr. Zhou Zhenlin through a substantial shareholder vehicle.
Average Trading Volume: 6,132,434
Technical Sentiment Signal: Buy
Current Market Cap: HK$430.6M
For detailed information about 1920 stock, go to TipRanks’ Stock Analysis page.