Xinji Shaxi: Controlling shareholder forced to sell 212 million shares, company to resume trading on April 12

Zhitong
2024.04.11 09:06
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XinJiShaxi issued an announcement stating that the company's stock price fell and trading volume increased, leading to the controlling shareholder being forced to sell 212 million shares of the company. After the forced sale, the company's equity stake decreased. The board of directors confirmed that there were no significant changes in business operations and financial conditions. Trading of the company's shares has been suspended and will resume after the announcement is published

According to the announcement released by Xinji Shaxi (03603) on the Zhitong Finance and Economics APP, the company's board of directors was informed that on April 10, 2024, the price of the company's shares fell while the trading volume increased.

The company was informed by the executive director and controlling shareholder, Meizouting and Zhang Weixin, that a total of 212 million ordinary shares with a par value of HKD 0.01 per share (accounting for approximately 14.16% of the total issued share capital of the company as of the date of this announcement) were forcibly sold by a securities company in the open market through a margin securities account on April 10, 2024.

Following the completion of the forced sale and as of the date of this announcement, (i) the total shareholding of Mr. Mei, Mr. Zhang, and Mr. Zhang Hanquan, the concerted parties, has decreased from approximately 52.19% to approximately 38.04% of the total issued share capital of the company; and (ii) Mr. Mei, Mr. Zhang, and Mr. Zhang Hanquan remain the controlling shareholders of the company. Mr. Zhang Hanquan is the executive director and chairman of the company.

After conducting reasonable inquiries into the relevant circumstances of the company, the board of directors confirmed that, apart from the disclosures above, they are not aware of any reasons for the changes in the share price and trading volume, or any material information that must be disclosed to avoid false markets in the company's securities, or any insider information that must be disclosed in accordance with Part XIVA of the Securities and Futures Ordinance.

The board of directors also confirmed that the group's normal business operations are being maintained, and there have been no significant changes in the group's business operations and financial condition.

At the company's request, trading in the company's shares on the Stock Exchange of Hong Kong was suspended, effective from 3:19 pm on April 10, 2024, pending the publication of this announcement. The company has applied to the Stock Exchange of Hong Kong for the resumption of trading in the company's shares, effective from 9:00 am on April 12, 2024

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