Over 46% of New City Construction shareholders have pledged their equity and appointed a receiver and manager

AASTOCKS
2026.01.19 01:11

New City Development (00456.HK) announced that it received a letter from Li Yinglin, who claims to be the joint and several receiver and manager of the company's 86,485,700 pledged shares. This shareholding represents approximately 46.35% of the total issued shares of the company, and it disclosed that Ma Demin and Li Yinglin were appointed as joint and several receivers and managers of the pledged securities on January 8.

New City Development stated that there is currently no information regarding how the receivers will handle the pledged securities during the enforcement of the pledged securities, and it is seeking legal advice on the matter. The group's board of directors, senior management, and business operations continue to function normally

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