Liaoning Port Still Fails to Meet Minimum Public Float Requirement

Stock News
May 06

Liaoning Port (02880) announced that, as of the date of this announcement, the market value of its H shares held by the public and listed on the Stock Exchange was approximately HKD 782 million. These H shares represent about 3.67% of the total issued shares of their class (excluding treasury shares), which remains below the minimum public float requirement stipulated in Rule 19A.28B(2) of the Listing Rules. The company is actively exploring feasible solutions to comply with the minimum public float requirement as soon as possible. While following up on the current feasibility of previously considered options, it is also continuously exploring new potential avenues. Specifically, measures taken by the company include, but are not limited to, ongoing communication with major H-shareholders Qunli International Limited, Broad Sail International Limited, and Dalian Port Group Co., Ltd. Discussions focus on capital market conditions, the company's share price performance, and market practices. The company is also engaging with professional advisors such as securities firms and legal counsel to discuss matters including capital market trends, and domestic and international laws, regulations, and policies concerning share issuance or repurchase and cancellation. The company has consulted the Stock Exchange regarding its non-compliance with the minimum public float requirement. The Exchange has granted the company a temporary transitional arrangement to restore the public float to a compliant level, provided that the company actively seeks feasible solutions to meet the requirement promptly during this transition period.

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