SEC Electric Machinery (SHA:603988) proposed to adjust its plan to dispose holdings in mobile game developer FriendTimes (HKG:6820), according to an April 19 disclosure on the Shanghai Stock Exchange.
In 2022, the Chinese motors and generators company, through its subsidiary Ace Easy, intended to dispose of the 52.9 million shares it holds in FriendTimes. That deal was not implemented immediately due to liquidity concerns in Hong Kong and changes in the shares' volume and price.
The company seeks shareholder authorization to allow the company's chairman to make the adjustment to the plan.
SEC's shares rose over 6% in recent trade.
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