Hang Yick’s Rights Issue Leaves Majority of Shares Unsubscribed, Triggers Compensatory Placing

An announcement from Hang Yick Holdings Company Limited ( (HK:1894) ) is now available.

Hang Yick Holdings Company Limited reported the subscription results of its rights issue, under which 184,224,000 rights shares were offered based on 46,056,000 existing shares. Valid applications were received for 73,475,116 rights shares, amounting to about 39.9% of the offer, leaving 110,748,884 unsubscribed shares, or roughly 60.1% of the total.

The company has activated compensatory arrangements by appointing a placing agent on a best-effort basis to place the unsubscribed and non-qualifying shareholders’ unsold rights shares at not less than the subscription price. Any net gain from this placing will be distributed on a pro-rata basis to relevant no-action and excluded shareholders above a HK$100 threshold, while investors are cautioned that both the rights issue and the placing remain conditional and may not proceed.

The most recent analyst rating on (HK:1894) stock is a Hold with a HK$0.71 price target. To see the full list of analyst forecasts on Hang Yick Holdings Company Limited stock, see the HK:1894 Stock Forecast page.

More about Hang Yick Holdings Company Limited

Hang Yick Holdings Company Limited is a Hong Kong–listed company incorporated in the Cayman Islands. It operates in the construction-related sector, with its shares traded on the Main Board of the Stock Exchange of Hong Kong under stock code 1894, serving investors in the regional capital markets.

Average Trading Volume: 883,581

Technical Sentiment Signal: Buy

Current Market Cap: HK$158.9M

See more data about 1894 stock on TipRanks’ Stock Analysis page.