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JY Grandmark Says Sze Ming Loses Holding Company Status; Shares Soar 56%

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JY Grandmark (HKG:2231) said Sze Ming ceased to be its holding company after its stake in the company fell below 50%, according to a Tuesday Hong Kong bourse filing.

The change followed the appointment of joint liquidators to Sze Ming by the British Virgin Islands High Court on May 26. Sze Ming held more than 50% of JY Grandmark on that date but now holds less than 50%. Sze Ming remains a controlling shareholder of JY Grandmark, the filing said.

Shares of the company soared nearly 56% in recent trade.

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