China Merchants Shekou adjusts preferred share issuance plan

China Merchants Shekou Industrial Zone Holdings Co., Ltd. announced a revised plan for issuing preferred shares to specific subscribers. The total number of proposed preferred shares has been reduced from 82 million to 78.405 million, decreasing the target proceeds from 820,000 yuan to 784,050 yuan. The company will use the raised capital for 11 real estate development projects across various cities, reallocating funds among these projects. These adjustments aim to align with regulatory requirements, optimize capital structure, and enhance the company's financial stability and operational capacity.

The preferred shares will be non-convertible, non-callable, and carry a fixed dividend rate with a single step-up mechanism after the third interest-bearing year. The issuance remains subject to approval by the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission. China Merchants Shekou ensures the raised funds will be used for specific construction costs in real estate projects, with any shortfalls covered by internal funds or development loans.