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The latest update is out from Wenye Group Holdings Limited ( (HK:1802) ).
Wenye Group Holdings disclosed that its subsidiary Longxin signed a US$20.25 million Saipan project contract with The Palette Inc., a company majority-controlled by former non-executive director Chen Li and his son and current executive director Chen Zhouyu, making it a connected transaction under Hong Kong listing rules. The company admitted it failed to meet announcement, circular, independent shareholders’ approval and reporting requirements due to a misinterpretation of the rules, and will now convene an extraordinary general meeting, form an independent board committee, appoint an independent financial adviser, and issue a circular by 30 April 2026 so independent shareholders can review and vote on ratifying the deal.
The most recent analyst rating on (HK:1802) stock is a Sell with a HK$0.04 price target. To see the full list of analyst forecasts on Wenye Group Holdings Limited stock, see the HK:1802 Stock Forecast page.
More about Wenye Group Holdings Limited
Wenye Group Holdings Limited, incorporated in the Cayman Islands and listed in Hong Kong, operates in the construction and engineering sector, undertaking project contracts through its subsidiaries. The group focuses on building and infrastructure works and related services, serving both domestic and overseas markets such as Saipan through project-based arrangements.
Technical Sentiment Signal: Sell
Current Market Cap: HK$37.42M
See more data about 1802 stock on TipRanks’ Stock Analysis page.