Liaoning Port Says Free Float Remains Below Minimum Listing Requirement

Liaoning Port (02880) said the market value of its H shares held by the public was about HK$734 million as of the announcement date, representing about 3.67% of the total issued H shares in that class and still below the minimum public float requirement under the listing rules, according to ETNet. The company said it has been actively seeking a feasible solution to meet the requirement as soon as possible. Measures under discussion include continued talks with major H-share shareholders, including Qunli International, Broadford International and Dalian Port Group, as well as consultations with securities firms and legal advisers on market conditions, share issuance or buyback-and-cancellation rules, and possible reference cases. It is also studying potential options such as major shareholders selling H shares to the public, issuing new H shares to the public, and buying back and cancelling A shares, but no clear and effective plan has been formed so far.