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Huicheng International to Issue 100 Million Shares to CEO's Daughter

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Huicheng International (HKG:1146) said it agreed to issue 100 million shares to Zhang Kailun, the daughter of its chairman and chief executive Zhang Yongli, according to a Tuesday filing with the Hong Kong bourse.

The apparel maker's shares were up nearly 8% in recent trade.

The shares, which represent 2.82% of the company's enlarged share capital, will be issued at HK$0.10 each or HK$10 million in total.

Zhang and parties acting in concert with the subscriber held 48.48% of the company's issued share capital before the subscription. The sale will bump their ownership to 49.94% and the firm has applied with Hong Kong authorities for a waiver from making a takeover bid for the business.

The share sale will help replenish the company's cash resources in light of the continued underperformance of the business.

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