Citychamp Dartong Advanced Materials (SHA:600067) agreed with its subsidiaries to raise their capital by converting its debt, according to a Shanghai Stock Exchange filing on Wednesday.
The real estate developer will convert its debt of nearly 300 million yuan to wholly-owned unit Citychamp Dartong (Hong Kong) into the latter's capital at a ratio of 1:1. The company's 200 million yuan debt to its subsidiary, Fujian Citychamp Yuantai Creative Park Construction and Development, will also be converted to the latter's capital reserve at the same ratio.
Citychamp Yuantai plans to convert its 1.50 billion yuan to its subsidiary, Nanjing Wansheng Real Estate, into the latter's capital reserve at a ratio of 1:1.
After the completion of this capital increase, the registered capital of Nanjing Wansheng and Citychamp Yuantai will not change, but the registered capital of Hong Kong Citychamp will change to $42.1 million from $1,290, the filing said.
Citychamp Dartong's shares rose 2% in recent trade.
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