China Vanguard Group Ltd, a company providing lottery-related services to the mainland China market, announced this week it expects to complete a share sub-division exercise by January 27.
In an earlier filing to Hong Kong’s Growth Enterprise Market on November 6, the firm proposed that its existing and unissued shares of share capital denominated at HKD0.050 (US$ 0.0064) per unit should be subdivided by four, with each unit worth HKD0.0125.
The company said the exercise would “result in downward adjustment to the trading price ”.
China Vanguard’s shares closed on Friday down 1.96 percent at HKD3.50 each.
On November 13 the company reported revenue of HKD19.9 million (US$2.6 million) for the third quarter of 2014, up 63.2 percent from the prior year period.
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