STOCKS | Pujiang China Says Public Float Fell Below Hong Kong Listing Rule Minimum

Pujiang China (01417) said its public float has fallen to about 23.85%, below the 25% minimum required under the Hong Kong Listing Rules, after shares held by the trustee of its share award scheme were not counted as public holdings. The company said on Friday that the trustee held 8.218 million shares, or about 2.03% of issued capital, and that these shares should not be regarded as held by the public. Based on its latest shareholding structure, Yomi.sun Holding Limited holds 222.89 million shares, or 55.04%; Lucky Yang Limited holds 77.28 million shares, or 19.08%; the trustee holds 8.218 million shares, or 2.03%; and public shareholders hold 96.612 million shares, or 23.85%. The company has 405 million issued shares in total, according to ETNet. Pujiang China said it is considering several ways to restore compliance, including arranging for the trustee to sell its shares or issuing new shares to the public. It expects to restore the public float within six months from today.