April 1, Saturday.
Henglong Group Headquarters Board of Directors Meeting Room, a temporary meeting is held here with a clear agenda - to finalize the timetable for Rights Issue Plan.
Zhao Chen is sitting in the main seat, and the information in front of him shows the latest market data.
"According to the authorization of Shareholders' Meeting, the price of Rights Issue has been locked at 6.2 Hong Kong Dollar per share, and the '10 for 4' plan corresponds to the issuance of approximately 160 million additional shares."
He got straight to the point, his voice was steady,
"What needs to be finalized today is the record day."
He gestured to Chen Xi to project the suggested plan.
"To give all shareholders sufficient preparation time, we recommend setting the record date as April 28 (Friday), and the corresponding ex-dividend date as April 27 (Zhou Xi)."
Zhang Qingxue added from the side, explaining that this time arrangement complies with regulatory requirements and market practices, and reserves a reasonable operating window.
"Currently, the company's stock price is stable at around 7.36 Hong Kong Dollar."
Zhao Chen calls up the real-time market chart, and the key data is highlighted.
"Compared to the Rights Issue price of 6.2 Hong Kong Dollar, there is a clear discount of 1.16 Hong Kong Dollar per share, and the discount rate is approximately 15.8%.
This price attraction exists objectively and is designed to encourage shareholders to exercise their rights."
He paused and glanced across the venue. "Of course, Rights Issue itself is tradable. This provides flexibility to all shareholders."
"It sounds like everything is well thought out for the market."
A calm voice with a hint of imperceptible coldness sounded.
Lin Wanqing put down the pen in his hand, raised his head and looked at the projection, his tone seemed to be just having a purely technical discussion,
"Chairman Zhao, the discount rate is indeed not low. However, setting the record date at the end of the Western Zhou Dynasty means there is a window period of nearly the Western Zhou Dynasty.
After such a long time, will the market have fully digested this "good news" and even completed the speculation in advance?
At the time of ex-rights, if the stock price falls close to or even falls below the Rights Issue price due to various uncontrollable factors, the value of Rights Issue will return to zero.
Then wouldn't the 'discount' and 'option' we give shareholders become a Short Sellers check, which might instead lead to greater complaints and disputes?"
This issue seems to be concerned with the interests of Market Reaction and shareholders, but in fact it is a hidden problem. It implies that longer time will increase variables and risks, which may greatly reduce the effectiveness of the entire plan, or even be counterproductive.
Zhao Chen looked unchanged and responded calmly:
"Short-term market fluctuations cannot be accurately predicted, but the basis for medium- and long-term pricing lies in the company's value.
We set a reasonable time window based on rules and practices to ensure a fair process, rather than trying to manipulate short-term stock prices.
As for the risk warning, it will be fully disclosed in the Rights Issue document. I believe that rational investors will make their own judgments."
Liu Mingyu saw this and promptly smoothed things over:
"Director Lin's concerns are reasonable, but the current time schedule is the optimal solution after balancing the operational needs of all parties.
We will also urge underwriters and public relations teams to conduct continuous market communication."
Lin Wanqing nodded slightly without comment, but did not stop. Her eyes turned to Zhang Qingxue:
"Lawyer Zhang, this time Rights Issue involves transactions of 'Whitewash Waiver' and Rights Issue, and the rules are quite complicated.
Is the short period of the Western Zhou Dynasty, coupled with announcements and circulars, really enough time for those of us Minor Shareholder who have dispersed shareholdings and may be older to understand, digest and make decisions?
Will there be people who missed the transaction or subscription because they didn't understand the rules, and later complained that the company Information Disclosure was unclear and the procedures were unfair?"
With her words, she put herself in the position of "defending Minor Shareholder's rights" and hid her resentment under the so-called "professional concerns".
Her words aroused everyone's dissatisfaction. One moment they felt that the time was too long, and the next moment they felt that the time was too short.
Just looking for trouble.
But Zhang Qingxue is still very professional and has no mood swings.
She pushed up her glasses and replied calmly:
"The content of the circular will be as clear and understandable as possible, and highlight key time points and risks. We will also arrange hotline consultations.
In terms of laws and rules, we will ensure that the procedures are impeccable. As for the understanding of individual shareholders, it is not the scope of responsibility that the company can fully guarantee."
"Yes, the final choice lies in the shareholders' own hands."
Lin Wanqing repeated what Zhao Chen had just said, but there was an almost inaudible and faint mockery in the ending, as if to say, "That's really nice to say."
She leaned back on the chair with an expression that said, "Now that you've thought about it all,"
"It seems that I am overthinking it. In principle, I have no objection to the time arrangement.
I just hope that the follow-up implementation will be as smooth as everyone said, and no more complications will be added to the already low-confidence market and shareholders."
What she said was beautiful, and seemed to be a compromise, but the whole article was filled with a sense of alienation and vague resentment of "I'll see what you can do" and "If something goes wrong, don't blame me for not reminding you."
She no longer attacks head-on like Shareholders' Meeting, but uses this thorny way of cooperation to express her inner unwillingness and resistance.
Song Zhongping coughed lightly, and the other directors also exchanged glances. The air in Meeting Room became slightly subtle due to this conversation.