China Star Entertainment Flags High Concentration of Shareholding; Shares Fall 20%
MT Newswires Live
Jul 14
China Star Entertainment (HKG:0326) flagged a high concentration of shareholding in the firm's shares following a request from the Hong Kong Stock Exchange, according to a bourse filing Monday.
Shares of the film production company fell over 19% in recent late-morning trade.
According to the notice, 19 shareholders plus China Star's chairman and vice chairman controlled 91.37% of the company's issued share capital, leaving only 8.63% of the issued shares in the hands of other shareholders.
This meant that the shares may not have a genuine market and prices could fluctuate "substantially" even with a small number of shares traded, China Star said.
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