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FINWIRES

China Court Freezes Xingyun Technology Controlling Shareholder's Shares

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A court in Guangzhou, China, ordered to freeze the shares of Xingyun Technology (SHE:300209) actual controller Wang Wei and entity acting in concert, Shenzhen Tianxingyun Supply Chain, according to a Wednesday filing with the Shenzhen bourse.

The freeze of 117.5 million shares is valid for three years until July 23, 2029. It comes after a party applied for a pre-litigation preservation application, according to the filing.

The order will not affect actual control of the company, it said.

The tech and cross-border digital trade company's shares rose 1% during afternoon trading on Wednesday.

What else is happening in Asia?

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Hang SengSHA:688603
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^STI
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