Digital Hollywood Founders End Acting-in-Concert Arrangement; Shares Jump 18%
Digital Hollywood Interactive (HKG:2022) said its founders terminated an acting-in-concert deed entered into before the company's 2017 listing, according to a Wednesday Hong Kong bourse filing.Shares of the online game publisher jumped over 18% in Thursday morning trade.The agreement had been entered into by Chairman and Chief Executive Lu Yuanfeng, Huang Guozhan, Huang Deqiang, and Luo Simin to confirm they were acting in concert on the management, operations, and major decisions of the group.The company said the parties terminated the arrangement to streamline decision-making at board and shareholder meetings.Following the termination, Lu and Luo, who are spouses, remain controlling shareholders with a combined stake of about 39.6% in the company. At the same time, Huang Guozhan and Huang Deqiang ceased to be controlling shareholders.Digital Hollywood said Huang Guozhan and Huang Deqiang will also no longer be bound by a non-competition deed signed in 2017.
