Menswear firm Goldlion back on market following unapproved privatization bid

Menswear maker Goldlion Holdings (0533) resumed trading on Monday, with shares opening nearly 40 percent lower, following a privatization plan not approved by shareholders.

Goldlion shares stood at HK$1.00 apiece, down 33 percent, as of 3pm on Monday.

At a Friday voting meeting, only 55.3 percent of its shareholders supported the privatization resolution, lower than the threshold of 75 percent, while 44.7 percent objected, more than four times the 10 percent opposition limit.

Chairman Ricky Tsang Chi-ming, son of Goldlion founder and former chairman Tsang Hin-chi, earlier proposed to cancel shares at HK$1.5232 per share.

STAFF REPORTER