According to Zhitong Finance App, Liaogang shares (02880) issued an announcement. On the date of this announcement, the market value of H shares listed on the Stock Exchange and held by the public was about HK$654 million. These H shares account for about 3.67% of the total number of issued shares (excluding treasury shares) in the category of the Company's H shares, which is still below the minimum public shareholding requirement set out in section 19A.28B (2) of the listing rules.
The Company is actively seeking viable solutions to meet the minimum public shareholding requirements as soon as possible. While following up on the current viability of the previously considered plan, it is also continuously exploring new potential paths. Specifically, the measures taken by the Company include, but are not limited to, continuing to communicate with Qunli International Co., Ltd., Broadford International Co., Ltd., and Dalian Port Group Co., Ltd., the Company's major shareholders, discussing capital market conditions, the Company's stock price performance and market practices, contacting professional advisors such as securities companies and legal advisors to discuss capital market conditions, domestic and foreign laws, regulations and policies relating to the issuance or repurchase and cancellation of shares, and investigate and follow up on relevant laws and regulations and The latest policy provisions, etc.
Based on the foregoing research and discussion, the Company has conducted further research on potential solutions including but not limited to promoting the sale of the Company's H shares held by the Company's major shareholders to the public, and repurchase and cancellation of A shares. However, up to now, no clear, feasible and effective plan has been formed based on factors such as market conditions, operational feasibility, and the actual situation of the Company.
The Company has consulted with the Stock Exchange regarding the situation that does not meet the minimum public shareholding requirement. The Exchange agreed that the Company will temporarily maintain the transition period arrangement to restore public shareholding to meet the minimum public shareholding requirement. However, the Company must actively seek workable solutions during the transition period to meet the minimum public shareholding requirement as soon as possible.