Liaoning Port (02880) has issued an announcement stating that, as of the date of this announcement, the market value of H shares listed on the Stock Exchange and held by the public is approximately HK$654 million, representing roughly 3.67% of the total number of issued shares in the H share class (excluding treasury shares), which remains below the minimum public float requirement set out in Rule 19A.28B(2) of the Listing Rules.
The company has been actively seeking feasible solutions to comply with the minimum public float requirement as soon as possible, while following up on the current viability of previously considered options and continuously exploring new potential avenues.
Specifically, the measures taken by the company include but are not limited to: ongoing communication with its major H share shareholders, including Qunli International Limited, Broadford International Limited, and Dalian Port Group Co., Ltd., focusing on discussions regarding capital market conditions, the company's share price performance, and market practices; engaging securities firms and legal advisors to discuss capital market conditions, domestic and overseas laws, regulations, and policies concerning share issuance or share buyback and cancellation; conducting research on market precedents and assessing, in light of the company's actual circumstances, whether there are viable options or paths for reference; and studying and following up on the latest provisions of relevant laws, regulations, and policies.
Based on the aforementioned research and discussions, the company is conducting further study on potential options including but not limited to encouraging its major shareholders to sell their H shares to the public, issuing additional H shares to the public, and buying back and cancelling A shares. However, as of now, no clear, feasible, and effective plan has been formulated due to factors such as market conditions, operational feasibility, and the company's actual situation.
The company has consulted the Stock Exchange regarding its temporary non-compliance with the minimum public float requirement. The Stock Exchange has agreed to allow the company to maintain a transitional arrangement for restoring its public float to comply with the minimum public float requirement, provided that the company actively seeks feasible solutions during the transitional period to meet the requirement as soon as possible.