Hong Kong—Ruifeng Power Group Company Limited (stock code: 02025) faces regulatory scrutiny after the Securities and Futures Commission (SFC) completed an enquiry revealing an exceptionally high concentration of its shares in the hands of a small group of investors as at 24 February 2026.
The SFC found that 22 shareholders and their related parties collectively held 148.20 million shares, or 18.52 % of the 800 million shares in issue. When combined with the stakes of the controlling shareholder and three substantial shareholders—Dragon Rise Ventures Limited (411.04 million shares, 51.38 %), Radiant Path Holding Limited (67.87 million, 8.48 %), Great Ally Enterprises Limited (46.86 million, 5.86 %) and Rosy Raise Limited (46.86 million, 5.86 %)—a total of 90.10 % of issued shares were concentrated in a limited circle. Only 79.17 million shares, representing 9.90 %, remained with other investors.
Trading data highlight the market impact of this ownership profile. Ruifeng Power’s closing price climbed from HK$1.31 on 2 December 2024 to HK$21.54 on 24 February 2026, a 15.4-fold increase. The stock ended at HK$21.06 on 6 March 2026, still 15.1 times higher than its December 2024 level.
Responding to the SFC announcement, Ruifeng Power’s board stated that, to its knowledge, the 227.36 million shares (28.42 %) not held by the four largest shareholders are owned by independent third parties. The company intends to mitigate concentration risk by encouraging the exercise of share options and share awards. Management further confirmed that a public float of at least 25 % was maintained both on 24 February 2026 and at the date of the announcement.
The SFC and the company caution that the tight shareholding structure could magnify price volatility, and shareholders as well as prospective investors are urged to exercise extreme prudence when trading the shares.
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