China Tower announced on the Hong Kong Stock Exchange that the board of directors proposes to consolidate every 10 existing shares with a par value of RMB 1.00 each into 1 consolidated share with a par value of RMB 1.00 each, and reduce the capital. The company's total issued share capital will be reduced from RMB 176.008 billion to RMB 17.601 billion based on the proposed share consolidation and capital reduction.
As of the date of this announcement, existing H shares are traded in lots of 2,000 shares each. The board proposes that, subject to the proposed share consolidation and capital reduction taking effect, the board lot size for trading on the Hong Kong Stock Exchange will be changed from 2,000 existing H shares to 500 consolidated and reduced H shares.
It is expected that after the consolidation, the par value per share of China Tower's Hong Kong-listed stocks will exceed that of China Telecom and China Unicom.