Litian Pictures (09958) Announces Proposed Refreshment of General Mandate

Bulletin Express03-04 17:14

Litian Pictures Holdings Limited (09958) has released a circular dated 4 March 2026 detailing a proposal to refresh its general mandate. The company notes that its existing mandate was fully utilized by issuing 72.00 million new shares in February 2026. Under the new request, directors seek authorization to issue up to 86.40 million shares, equivalent to 20% of the company’s issued share capital as of the resolution date.

According to the announcement, the group faced a net loss of RMB554.07 million from 1 January 2024 to 30 June 2025, holding net liabilities of RMB515.69 million and net current liabilities of RMB516.80 million. It indicates that the company’s liquidity position has been affected by tightened budgets at broadcast platforms and challenges in collecting receivables. The past utilization of debt financing has also led to overdue bank and other loans.

The board states that refreshing the general mandate would provide flexibility for potential equity fund-raising ahead of the next annual general meeting. An Extraordinary General Meeting is scheduled on 23 March 2026 to vote on granting authority for the new mandate.

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