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First time ever SFC successfully demands buyback of shares

The Court of First Instance granted orders sought after by the Securities and Futures Commission (SFC) for Fujian-based fabric manufacturer, Hontex International Holdings to repurchase shares of minority shareholders, marking the first time the SFC has successfully demanded buybacks of shares by a company. The repurchase was demanded because Hontex, according to a statement provided by the Court, acknowledged that…

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