Phoenix New Media Hong Kong stocks | Chinese Real Estate (00127) opened more than 31% lower this morning and then plummeted in the short term, latest at 2.45 yuan, down more than 35%.
The company announced that the privatization proposal was rejected at the planning meeting and that the listing status of the shares on the Stock Exchange would be maintained. The group suspended trading last Friday (17) and has applied to the Stock Exchange to resume trading in its shares on the Stock Exchange from 9: 00 am today.
The group refers to that at the planning meeting, the number of shareholders voting in person or by proxy was 74, with 10 in favour and 64 against. Among the voting shares, the number of shares in favour accounted for about 89.24%, while the number of shares against accounted for about 10.76%, and the proportion of objections was not more than 10% of the total number of votes. As the plan was not approved by most of the scheme shareholders who attended and voted at the plan meeting in person or by appointed representatives, the plan failed to take effect and was therefore invalidated.
According to the Group, according to the Takeovers Code rules, the offeror and persons acting in concert with it are not allowed to make further offers for shares within the next 12 months, except with the consent of the executor.