Greatview Aseptic Packaging Company Limited (GAPACK) released its quarterly update on 17 August 2026, detailing progress toward meeting the Hong Kong Stock Exchange’s resumption requirements following the suspension of trading in its shares since 19 February 2025.
Key milestones achieved • Completion of Second-Stage Investigation: The Special Investigation Committee confirmed that the probe led by an external investigator has concluded, and all recommended remedial measures have been implemented. • Internal control overhaul: BT Corporate Governance Limited finalised its review covering 1 January 2025-28 February 2026. GAPACK has adopted all recommended policy and procedural enhancements and plans an additional follow-up review. • Release of outstanding financials: The company has published its 2024 annual, 2025 interim and 2025 annual results as required by the Listing Rules.
Audit qualifications remain unresolved • FY2024: Auditor Rongcheng Hong Kong issued a disclaimer of opinion due to missing financial information for the Fund and the 51 %-disposed Greatview Holdings International Limited (GHIL) group. • FY2025: A qualified opinion persisted as records for the same assets remained unavailable, affecting financial assets at FVTOCI, financial assets at FVTPL and share of profits of associates. • Management is pursuing commercial negotiations, legal actions and potential accounting re-treatments and expects the 2024 disclaimer and 2025 qualification to be “mitigated or resolved” in the 2026 audit.
Resumption deadline pressure • Under Rule 6.01A(1), the 18-month suspension window ends on 18 August 2026. GAPACK has applied for an extension but warns there is no assurance the request will be granted; failure to resume trading could lead to delisting.
Public-float restoration plans The board is exploring three independent transactions to lift public float back to the 25 % minimum: 1) share-settled asset acquisitions, 2) placement of new shares to an external investor, and 3) implementation of a share-incentive scheme.
Legal proceedings ongoing • Court actions filed in October 2025 and February 2026 seek to unwind the 2024 restructuring and obtain GHIL’s 2025 audited accounts. • Arbitration cases have been initiated at HKIAC and SHIAC against GHIL subsidiaries over framework agreements tied to the restructuring. All cases are at early stages with outcomes uncertain.
Operational performance intact Despite the trading halt, GAPACK reports continued operations across three core segments—packaging materials, filling machines and digital services. For FY2025 the group recorded revenue of RMB1.86 billion, net profit of RMB52.90 million and total assets of RMB3.58 billion, which the board says meets Listing Rule 13.24 requirements for sufficient operations and assets.
Management integrity confirmed Findings from both investigation stages raised no material concerns regarding the integrity, competence or character of current directors and senior management.
Trading status Shares will remain suspended until further notice. Investors are urged to exercise caution given the outstanding audit modifications, unresolved legal actions and the approaching resumption deadline.
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