Financial Wire

Modern Chinese Medicine Flags High Concentration of Shareholding

-- Modern Chinese Medicine Group (HKG:1643) flagged a high concentration of shareholding in the firm's shares following a request from the Hong Kong Stock Exchange, according to a filing with the city's bourse Tuesday.

Shares of the medicine seller fell over 7% in morning trade Wednesday.

According to the notice, 25 shareholders collectively controlled 90.6% of the company's issued share capital, leaving only 9.4% of the issued shares in the hands of other shareholders.

This meant that the shares may not have a genuine market and prices could fluctuate "substantially" even with a small number of shares traded, Modern Chinese Medicine said.

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