Fenmei Packaging (00468) rose nearly 4% at the end of the session. As of press release, it was up 3.73% to HK$1.67, with a turnover of HK$4.273,400.
The Zhitong Finance App learned that Fenmei Packaging (00468) rose nearly 4% at the end of the session. As of press release, it had risen 3.73% to HK$1.67, with a turnover of HK$4.273,400.
According to the news, the voting results of the special shareholders' meeting disclosed by Fenmei Packaging on the evening of January 26 showed that Jingfeng Holdings, the majority shareholder, proposed to appoint 5 people including Wang Hang as directors of the company was not approved. Jingfeng Holdings currently holds 28.22% of Fenmei Packaging's shares. The actual controlling shareholder is Xinjufeng. Since then, Fenmei Packaging has also spent 72 million US dollars to restructure the company's international business. After the restructuring, the interests in overseas companies were diluted from 100% to 49%. Analysts believe this move is tantamount to a fresh start.
According to reports, on October 9, 2023, Xinjufeng announced that it has officially become the largest shareholder of Fenmei Packaging. However, Xinju Feng is still unable to control Fenmei Packaging. Fenmei Packaging has publicly stated many times that the board of directors opposes the share sale on the grounds that Xinjufeng and Fenmei's largest customers have a competitive relationship (Yili and Mengniu), and that the acquisition will allow Xinjufeng and its major customers to eventually own the company's interests, which in turn will lead to the loss of orders due to strained business relationships between Fenmei Packaging and major customers.