Since the minimum public float requirement under Rule 8.08(1)(a) of the Listing Rules is not satisfied, earlier on 15, February, 2016, the Company has made an application to the Stock Exchange for a temporary waiver from strict compliance with Rule 8.08(1)(a) of the Listing Rules for a period of three months which was granted by the Stock Exchange for a period from 15 February 2016 to 14 May 2016. The Company applied again later and the Stock Exchange granted an extension of the Waiver until 14 August 2016.
The Company was informed yesterday that Good Union Hong Kong Investment Limited transferred a certain amount of shares to an independent third party. This independent third party and its ultimate beneficial owner(s) are third parties independent of the Company and its connected persons.
After completion of this share transfer, the public float of the Company has been restored to at least 25% of the issued share capital of the Company in compliance with Rule 8.08(1)(a) of the Listing Rules.