Honworld (HKG:2226) said its public float has fallen to about 23.27%, below the 25% minimum required under Hong Kong listing rules, according to a Jan. 23 Hong Kong bourse filing.

Shares of the condiment maker were down more than 2% in Monday morning trade.

The company said the drop followed a disclosure showing that investor Mao Huixin increased his stake to about 10.09% of the issued share capital.

Honworld said it is considering steps to restore public float, including possible share disposals and/or issuing new shares to the public.