Zhengwei Group (HKG:2147) is proposing a 20-for-1 share consolidation, an Oct. 31 Hong Kong bourse filing said.
Shares of the packaged food company were down nearly 31% in Monday afternoon trading.
Following completion, the firm will have up to 56 million consolidated shares in issue, compared with the 1.12 billion shares currently in issue.
The consolidation, which is expected to take effect Dec. 4, is subject to the relevant shareholder and regulatory approvals.
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