HK Stock Market Move | GAPACK (00468) rose more than 4% in the afternoon. The State Administration for Market Regulation does not prohibit Shandong Newjf Technology Packaging from acquiring GAPACK shares.

GAPACK (00468) rose more than 4% in the afternoon, up 3.86% at the time of publication, to 2.42 Hong Kong dollars, with a turnover of 10.9843 million Hong Kong dollars. On the news front, GAPACK announced that it has received a letter from the State Administration for Market Regulation of the People's Republic of China. According to Article 31 of the Chinese Anti-Monopoly Law, after review, it has been decided not to prohibit Shandong Newjf Technology Packaging Co., Ltd. from acquiring the company's equity, and at the same time, to allow the company to concentrate its business with Shandong Newjf Technology Packaging. It is reported that Shandong Newjf Technology Packaging and GAPACK are the top two domestic companies in the sterile packaging industry market share rankings, with Shandong Newjf Technology Packaging's largest customer being Yili, and GAPACK's largest customer being Mengniu. The acquisition was strongly opposed by the GAPACK board of directors. After two failed director nominations, Shandong Newjf Technology Packaging chose a more aggressive approach to force the acquisition. On June 27th of this year, GAPACK publicly questioned Shandong Newjf Technology Packaging's acquisition intentions in an open letter.