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The latest update is out from Xinming China Holdings Limited ( (HK:2699) ).
Xinming China Holdings Limited has outlined a series of measures taken since the publication of its 2024 annual report to address a disclaimer of opinion from its auditors, primarily by easing liquidity pressure and stabilising its capital structure. The company has negotiated with existing lenders to renew or extend repayment schedules for overdue borrowings, partially repaid about HK$72 million in debt and interest using proceeds from a rights issue, secured a waiver of roughly HK$14 million in interest, and obtained an agreement from the holder of its convertible bonds not to demand repayment until 1 January 2027, which collectively reduces its immediate financial burden. In parallel, Xinming completed a rights issue of 75,144,880 shares at HK$1.12 per share, raising approximately HK$84.2 million in gross proceeds (HK$78.3 million net), all of which has now been fully applied toward settling convertible bonds, bank loans, other borrowings, payables, and general working capital, with management continuing to engage lenders and potential investors to secure additional financing and further improve its financial position.
The most recent analyst rating on (HK:2699) stock is a Hold with a HK$0.19 price target. To see the full list of analyst forecasts on Xinming China Holdings Limited stock, see the HK:2699 Stock Forecast page.
More about Xinming China Holdings Limited
Xinming China Holdings Limited is a Hong Kong-listed company incorporated in the Cayman Islands and traded on the Main Board of the Stock Exchange of Hong Kong under stock code 2699. The group operates through various subsidiaries and relies on bank and other institutional borrowings and capital market financing to support its business activities and general working capital needs.
Average Trading Volume: 770,895
Technical Sentiment Signal: Sell
Current Market Cap: HK$20.48M
See more insights into 2699 stock on TipRanks’ Stock Analysis page.