Riverine China Holdings Limited disclosed that its public float was restored to approximately 31.26 % of issued share capital on 24 September 2026, following the off-exchange disposal of 30.00 million shares (about 7.41 % of issued shares) by Chairman Mr. Sun Taoyong through Yomi.sun Holding Limited. The shares were sold to 11 independent third-party investors at an average price of HKD 2.9964 per share.
The company clarified that an earlier announcement on 25 September had understated the public float at 23.85 % due to an information-collection lapse; the transfer registrations for the disposal had in fact been completed the previous day.
Management emphasised that the subsequent placing of new shares under a general mandate, announced on 30 September 2026, was negotiated after the disposal, served a separate financing objective and was not conditional on—or connected with—the disposal. Riverine China first approached its placing agent on 24 September to explore funding options, decided on 26 September to advance discussions, and secured Board approval for the placing terms on 30 September.
To prevent recurrence of disclosure gaps, Riverine China is enhancing internal controls. Measures include: • Regular monitoring of public float levels by the Company Secretary and Legal Affairs Department. • An early-warning threshold that triggers Board notification and advisor consultation if float nears regulatory limits. • Pre-transaction reviews to assess public-float impact before any corporate action. • Strengthened cross-checking procedures for announcement data and improved information-sharing with directors and major shareholders. • External training for directors and key staff on Listing Rules and disclosure requirements by year-end 2026.
Shareholders and investors are urged to exercise caution when dealing in Riverine China shares as the company continues to refine its governance framework.
Comments