SHUNHO PROPERTY (00219.HK): Public float at approximately 22.59%, below 25% requirement; targets restoration within six months
NewTimeSpace News: On 10 September 2026, Shun Ho Property Investments Limited (stock code: 00219) announced that, as at the date of the announcement, its public float was approximately 22.59%, approximately 2.41% below the minimum public float of 25% prescribed under Rule 13.32B of the Stock Exchange's Listing Rules.
According to the announcement, prior to the shortfall, an independent investor who is a core connected person held approximately 10.04% of the company's total issued share capital, subsidiaries of Shun Ho Holdings Limited held approximately 51.69%, and Mercury Fast Limited (MF), an indirect non-wholly-owned subsidiary of the company, held approximately 11.75%. As MF has been unable to exercise voting rights over the company's shares since becoming a subsidiary in 2001 under the Companies Ordinance (Chapter 622), the company did not treat the MF shares as part of the shares held by the Shun Ho Holdings group when calculating its public float. Including the MF shares, the aggregate shareholding of all core connected persons was approximately 73.48%; excluding them, it was approximately 63.44%.
The announcement stated that in 2020 subsidiaries of Shun Ho Holdings and the independent investor each acquired shares on-market, increasing their holdings by 5,934,000 shares and 5,154,000 shares respectively; as a result of the acquisition of 3,000,000 shares by the Shun Ho Holdings subsidiaries, the company's public float fell to 24.66% on 8 December 2020, and further declined by 2.07% following subsequent on-market acquisitions. The company said it recently discovered that, owing to inadvertent oversight in handling shares without exercisable voting rights under the definition of core connected persons, it had failed to comply with the public float requirement under Rule 13.32B since 8 December 2020 up to the date of the announcement, and had consequently delayed the announcement of the shortfall, for which it expressed regret.
The announcement shows that the company is considering measures to restore its public float, including discussing with the Shun Ho Holdings subsidiaries the sale or placing of shares to independent third parties to reduce their shareholding from 54.42% to 52.01% (equivalent to 13,960,624 shares), discussing with the independent investor a reduction from 10.93% to 9.99% (equivalent to 5,449,681 shares), and/or issuing new shares to independent third parties under the general mandate granted by shareholders at the annual general meeting held on 15 June 2026. The company currently expects to restore its public float within six months from the date of the announcement and will publish further announcements monthly. Remedial measures include arranging training for directors by an external law firm or compliance firm, monthly reviews of interest disclosure forms on the Stock Exchange website and of monthly reports from the share registrar, and semi-annual declarations by directors on changes in their own or their close associates' interests.
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