Glonghui September 28 丨 Huasheng International Holdings (01323.HK) announced that the company's board of directors is concerned that on September 28, 2023, the company's stock price will drop and trading volume will rise.
The Board of Directors acknowledges that, other than the inside information disclosed in this announcement, it is not aware of any reason for the unusual fluctuation in the stock price and trading volume, or any information that must be disclosed to avoid a false market for the company's securities, or any inside information that needs to be disclosed under the insider information provisions of Part XIVA of the Securities and Futures Ordinance Chapter 571 of the Laws of Hong Kong.
Mr. Huang Weisheng, the company's executive director, chairman of the board and CEO, informed the board of directors that due to a sharp drop in stock prices, (i) 839 million shares held by Double Star Global Limited (wholly owned by Mr. Wong); and (ii) 8.394 million shares held by Mr. Wong (accounting for a total of about 20.18% of the company's total issued share capital) were forcibly sold on the market by Double Star and Mr. Huang's stock brokers on September 28, 2023. Immediately after the completion of the compulsory sale, Shuangxing and Mr. Huang's equity percentages in the company were reduced to about 5.81% of the company's total issued share capital.