WFHT plans to implement a "B to H" cash option for 172 million B shares, with a consideration of HKD 12.68 per share
WFHT plans to convert 172 million B shares into H shares and list them on the Hong Kong Stock Exchange. The company will offer B shareholders a cash option at a price of HKD 12.68 per share. This move needs to meet the public shareholding ratio requirements of the Hong Kong listing rules, with plans to apply for an exemption of no less than 14.27%
According to the Zhitong Finance APP, WFHT (000581.SZ) disclosed a proposal to convert its domestic listed foreign shares (B shares) to be listed and traded on the Main Board of The Stock Exchange of Hong Kong Limited by way of introduction. As of the date of the proposal, the company has issued a total of 172 million domestic listed foreign shares (B shares). This plan intends to apply for the conversion of the aforementioned B shares to be listed and traded as overseas listed foreign shares (H shares) on the Hong Kong Stock Exchange.
The company will arrange for a third party to provide cash options to all B share shareholders. Investors who originally held B shares in the company can choose to declare and exercise the cash option within a specified time to transfer some or all of their WFHT B shares to the third party providing the cash option; they can also choose to continue holding their shares until the stock is listed on the Hong Kong Stock Exchange, at which point the nature of the B shares they continue to hold will change to H shares.
According to the Hong Kong Listing Rules, a certain percentage of the total issued share capital of a listed company must be held by the public. Considering the current public holding situation of B shares, the company plans to apply to the Hong Kong Stock Exchange for a waiver to ensure that the public holding of H shares after listing is not less than 14.27%, or to meet the public holding requirement for H shares through methods such as major shareholder reductions.
B shares that are validly declared during the declaration period will receive cash consideration paid by the cash option provider at the price stipulated in this proposal. The specific price is set at a 5% premium over the closing price of B shares on the day the board resolution for the B to H conversion is approved (July 17, 2025), which is HKD 12.08 per share, resulting in a price of HKD 12.68 per share
