Hong Kong-listed Xinyang Maojian Group to switch to tea production, says shareholder on verge of taking control

The second-largest shareholder of Hong Kong-listed company Xinyang Maojian Group said on Wednesday it will shift its focus to tea farming and drinks from chemicals production.“The chemicals industry has been suffering a downturn and the market is very bad,” said Sha Tao, who is on the verge of boosting his stock to a controlling stake of 27.51 per cent. Last week, he reached an agreement to acquire 146 million shares held by Chan Yuen Tung, its founder and controlling shareholder. He will…

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