Minority shareholders of Real Nutriceutical (2010) have demanded to reform the management and the board of the company, as the chairman has gone missing from the Hong Kong-listed Chinese firm.
Thirty-three minority shareholders, who make up over 10 percent of the company's shares, are planning to hold an extraordinary general meeting to elect new board members.
The move comes three months after trading in shares of the company was suspended. Its stock price closed at 20 HK cents before the suspension in July.
The company has issued 1.6 billion shares with chairman Wang Fucai holding the largest portion at 18 percent, while 82 percent are minority shareholders, according to Leung Wai-man, one of the representatives of the minority shareholders. Wang was reportedly being probed in China for corruption.
Apart from Real Nutriceutical, there are other Hong Kong-listed Chinese firms whose chairmen have gone missing over the past two years, including China Huishan Diary (6863), Nan Nan Resources Enterprise (1229), Hailan Holdings (2278).