Tongtian Wine Industry (00389.HK) rejects main shareholder Wang Hexin's proposal for new share subscription.

Zhitong Finance APP reported that Tongtian Wine Industry (00389.HK) announced that on July 30, 2026, the company received a letter from a major shareholder, Mr. Wang He (who holds approximately 10% of the company's issued shares), outlining a proposal regarding the subscription for 20% of the company's new shares at a price of HKD 0.20 per share, but requiring the company to immediately withdraw, terminate, revoke, and/or take other measures to avoid continuing with the existing placement agreement dated July 26, 2026. The company guarantees the appointment of an executive director nominated by the proposer to oversee the utilization of the funds raised from the proposed subscription.