HK Stock Market Move | Red Star Macalline Group Corporation (01528) rose nearly 16% during trading hours. The voting results of the creditors' meeting were announced, and the company's restructuring plan received high support.

Red Star Macalline Group Corporation (01528) rose nearly 16% during trading. As of the time of writing, it has increased by 15.97% to 1.38 Hong Kong dollars, with a turnover of 11.7881 million Hong Kong dollars. On the news front, on September 23, Red Star Macalline Group Corporation Holding Group Limited announced the results of the first creditors' meeting. According to the announcement, at the creditors' meeting held on September 12, 2024, 313 creditors agreed to the proposal to establish a creditors' committee, accounting for 89.94% of the total votes and representing 72.25% of the total debt. Regarding the property management and disposal plan, 317 creditors voted in favor, accounting for 91.09% of the total votes and representing 74.35% of the total debt. The proposal to conduct creditors' meetings and voting through non-face-to-face methods was also approved by 320 creditors, accounting for 91.95% of the total votes and representing 68.83% of the total debt. It is reported that on July 1, 2024, the court accepted the restructuring application of Red Star Macalline Group Corporation Holding Group Limited and appointed Shanghai Fangda Law Firm as the administrator.