JL MAG Rare-Earth Updates Capital Structure and Eases Board Size Rules

The latest announcement is out from JL MAG Rare-Earth Co., Ltd. Class H ( (HK:6680) ).

JL MAG Rare-Earth Co., Ltd. has adjusted its share capital following a share repurchase and the partial conversion of US$117.5 million in offshore convertible bonds issued by its Hong Kong subsidiary. After cancelling 3,665,542 repurchased A shares and issuing 7,122,916 new H shares upon bond conversion, the company’s total share capital rose from 1,372,131,923 to 1,375,589,297 shares, with registered capital increasing to RMB1,375,589,297.

The company is also proposing amendments to its Articles of Association and board rules to reflect the new capital structure and introduce flexibility in board size, changing the board composition from a fixed 9 directors to a range of 7 to 9. These changes, which must be approved by shareholders via special resolution, slightly increase the weight of H shares in the capital mix and give the company more latitude in corporate governance, while leaving other constitutional provisions unchanged.

The most recent analyst rating on (HK:6680) stock is a Hold with a HK$23.50 price target. To see the full list of analyst forecasts on JL MAG Rare-Earth Co., Ltd. Class H stock, see the HK:6680 Stock Forecast page.

More about JL MAG Rare-Earth Co., Ltd. Class H

JL MAG Rare-Earth Co., Ltd. is a Chinese joint stock company listed in Hong Kong that operates in the rare-earth materials sector. The company issues both A shares on the mainland and H shares overseas, providing rare-earth-related products and technologies to domestic and international markets.

Average Trading Volume: 8,461,201

Technical Sentiment Signal: Hold

Current Market Cap: HK$42.05B

For detailed information about 6680 stock, go to TipRanks’ Stock Analysis page.