HONG KONG, June 30, 2015 /PRNewswire/ -- Mascotte (HK.0136) announced on June 23 that the new stock subscribed by Tencent (HK.0700) and Evergrande (HK.3333) at HKD 750 million accounted for 75% of the expanded capital stock after subscription. An original report from Sina Leju follows.
The subscription of Mascotte stock by Tencent and Evergrande is thought to have brought about a sharp increase in the OTC stock price of Mascotte. It was reported that the OTC stock price of Mascotte increased sharply by 500% from HKD 0.285 per stock before suspension to HKD 1.7 per stock. Calculated by about 36.1 billion originally issued capital stocks, the stock market value of this shell company during suspension increased quietly to HKD 61.3 billion.
The subscription price per stock of Mascotte bought by Tencent and Evergrande previously was HKD 0.006, substantially discounted by nearly 98% compared to HKD 0.285 per stock before it was suspended from trading. It is expected that Mascotte will resume trade soon.