Summary by Moomoo AI
New Era Group Limited (formerly known as Jiamin Group) announced on 11 April 2024 that the public shareholding is below the minimum 25% required by the Board of Directors (GEM) rules, as the shares held by the bidders exceed 75% of the issued share capital of the company. To this end, the company obtained a temporary exemption granted by the exchange on March 12, 2024, to allow bidders sufficient time to sell shares to restore the minimum public holding. After the share consolidation, the public holding was 24.54%, slightly below the requirement. The Contracting Party is seeking to reduce the shares on the market or through a distribution agent, but no formal agreement has been entered into as of the date of the announcement. The company may not be able to meet the minimum public shareholding requirement during the exemption period, so it has applied for an extension of the exemption until 11 June 2024. The Company will publish a separate announcement on the resumption of its public shareholding in due course.
