Liaoning Port (HKG: 02880) has issued an announcement regarding its public float status.
As of the date of the announcement, the market value of the company's H shares held by the public and listed on The Stock Exchange of Hong Kong Limited is approximately HK$771 million.
These publicly held H shares represent about 3.67% of the total issued H shares of that class, which remains below the minimum public float requirement stipulated under Rule 19A.28B(2) of the Listing Rules.
Company's Response and Actions
The company has stated it is actively exploring feasible solutions to comply with the minimum public float requirement as soon as possible.
While continuing to assess the current feasibility of previously considered options, the company is also exploring new potential pathways.
Specific measures taken include, but are not limited to, ongoing communication with major H-shareholders such as Qunli International Limited, Broadford International Limited, and Dalian Port Group Co., Ltd.
Discussions with these shareholders focus on capital market conditions, the company's share price performance, and market practices.
The company is also engaging with professional advisors, including securities firms and legal counsel, to discuss market conditions, domestic and international laws, regulations, and policies related to share issuance or buyback and cancellation.
Furthermore, the company is researching market cases to identify any referenceable solutions or paths and is studying the latest updates in relevant laws, regulations, and policies.
Current Status of Potential Solutions
Based on related discussions and evaluations, the potential solutions under discussion are currently constrained by various limiting factors, and there is no clear, implementable plan at this time.
Regulatory Consultation and Transitional Arrangement
The company has consulted the Stock Exchange regarding its non-compliance with the minimum public float requirement.
The Exchange has agreed to a temporary transitional arrangement, allowing the company time to restore its public float to a compliant level.
However, the company is required to actively seek a feasible solution to meet the requirement as soon as possible during this transition period.