Online media HK01's parent Nan Hai Corporation (0680), founded by Yu Pun-hoi, has pledged a 22.52 percent stake in its unit Sino-i Technology (0250) and will hold a special general meeting to appoint several directors.
Yu, who chairs Nan Hai, pledged 4.89 billion shares of Sino-i Technology to an investment company in Shenzhen on Tuesday, a filing showed. He controls 59.11 percent interest in the company through Nan Hai.
Earlier this month, a 17.05 percent stake in Nan Hai, which had been pledged, was transferred to Citic Capital.
In a separate filing, Nan Hai said Pippen Limited, which holds an interest of 19.26 percent in the company, requested it to convene a meeting to appoint seven directors. Pippen is one of the vehicles through which Yu holds shares in Nanhai but some of his holdings, including those via Pippen, were pledged as well. It is not clear whether the meeting was requested by Yu or the receivers.
