New Gonow Recreational Vehicles (HKG:0805) said the Securities and Futures Commission (SFC) has notified the company that only 9.6% of its issued shares were held by other shareholders as of Oct. 13, according to a Monday bourse filing.

The SFC noted that the company's chief executive officer, Miao Xuezhong, holds 48.69% of the issued shares, while 22 shareholders and their related parties control about 41.69%, resulting in highly concentrated ownership.

However, the company confirmed in the filing that not less than 25% of its issued shares are in the hands of the public as of Oct. 13, complying with the public float requirement of the listing rules.

Shares were last down 31% in late-morning trade Tuesday.