Chinhung International Announces 10-for-1 Reverse Stock Split, Reducing Shares Outstanding by 90%

Chinhung International has approved a 10-for-1 reverse stock split at a temporary shareholders' meeting, consolidating 10 shares with par value 500 won into 1 share with par value 5,000 won.
The total number of outstanding shares will decrease from approximately 145 million to 14.5 million, a 90% reduction, theoretically increasing the share price tenfold.
Market capitalization remains unchanged, but reduced float may lead to higher price volatility.
[AI Summary]The 10-for-1 reverse stock split reduces shares outstanding by 90% to boost the per-share price. No new capital is raised and no dilution occurs. While this may provide a short-term price lift, it does not alter the company's intrinsic value.