Lianhua Supermarket Ends Shareholder Rights Entrustment Arrangement; Shares Jump 10%
MT Newswires Live
8 hours ago
Lianhua Supermarket (HKG:0980) said Bailian Group regained the right to exercise shareholder rights over 614.16 million domestic shares previously entrusted to Shanghai Bailian, following the termination of their equity entrustment agreement on Oct. 9.
Shanghai Bailian will no longer consolidate Lianhua in its financial statements, according to a Monday Hong Kong bourse filing. Bailian Group directly holds 43.91% of Lianhua, while Shanghai Bailian holds 15.15%.
Lianhua shares jumped 10% in recent trade.
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