Contel Technology Receives Temporary HKEX Waiver After Public Float Falls to 23.66%

Bulletin Express

Sep 23

Contel Technology Company Limited (Contel) has secured a temporary waiver from the Hong Kong Stock Exchange (HKEX) after its public float dropped below the 25% threshold required by Listing Rule 13.32B.

Immediately after the close of the recent mandatory offer by Zhuangyan Investment International Limited (the Offeror) and the subsequent resignation of former director Mr. Lam, only 109.13 million shares—or 23.66% of Contel’s issued share capital—remained in public hands. HKEX consequently granted a waiver covering the period from 11 September 2026 to 6 November 2026, allowing Contel time to restore compliance.

To re-establish the minimum public float, the Offeror plans to dispose of shares through open-market sales and will assess progress in October 2026. If necessary, the Offeror may appoint a placing agent to place additional shares with independent third parties to meet the 25% requirement within the waiver period.

Contel stated it will issue further announcements on its progress in restoring the public float. Shareholders and investors are advised to exercise caution when trading the company’s shares.

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