Hong Kong Exchanges and Clearing has decided to cancel the listing of Greatview Aseptic Packaging, in a decision issued on 2 October 2026 and disclosed by parent Xinjufeng on 8 October, after the shares passed the exchange's 18-month suspension limit on 18 August 2026. Trading has been halted since 19 February 2025, following a dispute over an overseas business restructuring that left auditors without complete financial records and a breach of the minimum public float once Xinjufeng reached 97.76%. Absent a review request within seven business days, the last trading day is 16 October 2026 and the listing ends on 20 October 2026.
Why this mattersDelisting removes the Hong Kong equity platform of a leading aseptic carton supplier, closing a cross-border funding and disclosure channel for its Chinese owner Xinjufeng.
- HKEX's listing committee decided to cancel Greatview's listing; the decision was issued on 2 October 2026 and disclosed by Xinjufeng on 8 October 2026
- Shares have been suspended since 19 February 2025 and the 18-month suspension limit expired on 18 August 2026
- Last trading day is 16 October 2026 absent a review request; the listing is cancelled from 9am on 20 October 2026
- Xinjufeng holds 97.76% after buying 28.22% in 2023 and completing in March 2025 a general offer at USD 0.34 (HKD 2.65) per share, at a combined cost of USD 501m (CNY 3.355bn)
- The suspension followed an overseas restructuring that left incoming management without complete financial records, limiting the audit scope, alongside the public float breach
- Greatview's revenue fell from USD 588m (CNY 3.937bn) in 2022 to USD 277m (CNY 1.857bn) in 2025
- New Huijin plans to fully integrate Greatview as a wholly owned subsidiary once delisting proceeds, combining equipment and packaging-material operations for global rollout.
- The combined New Huijin-Greatview group's share of China's aseptic packaging market has risen above 20%, second only to Tetra Pak, with annual capacity above 50 billion packs.
- Domestic suppliers' share of leading Chinese dairy companies' aseptic packaging procurement rose from under 30% in 2024 to near 42% in H1 2026.
- Greatview filed a review application with HKEX's Listing Review Committee on 13 October 2026
- The board said the outcome of the review remains uncertain and the suspension continues until further notice
- Greatview engaged BT Corporate Governance Limited for a further follow-up internal control review, with a report dated 11 September 2026
- Management accepted all deficiencies and improvement recommendations identified in the review
- Greatview filed a review application with HKEX's Listing Committee on 13 October 2026 contesting the cancellation of its listing.
- A 2024 restructuring by Greatview's then management cut its direct stake in international unit Greatview International from 100% to 49%, ceding control to an outside fund.
- An independent investigation found former executives diverted a RMB 100m shareholder loan at 1% interest, moved about 70 staff and core IT systems, and imposed five-year non-compete clauses on roughly 1,600 customers now tied to renamed entity Wintipak AG.
- New Lead Holdings' auditor issued a qualified opinion on its 2025 accounts after being unable to obtain Greatview International's financial records.
Greatview Aseptic Packaging said CEO Yuan Xunjun stepped down effective 21 September 2026, while remaining chairman and executive director. Wang Dawei, previously executive president and a former senior executive at SIG Combibloc and Sidel Group, becomes CEO from the same date.
Why this mattersThe change hands day-to-day execution at a leading Asian aseptic carton maker to an executive with direct SIG Combibloc and Sidel experience, as competition in aseptic cartons intensifies.
- Yuan Xunjun stepped down as CEO of Greatview Aseptic Packaging effective 21 September 2026
- Yuan retains his roles as chairman and executive director
- Wang Dawei, previously executive president, is appointed CEO from the same date
- Wang has 18 years in packaging, including senior roles at SIG Combibloc and Sidel Group
- The board stated Yuan has no disagreements with directors requiring shareholder attention
UFlex has inaugurated a $126 million greenfield Asepto aseptic carton facility at Ain Sokhna, Egypt, with eventual annual capacity of 12 billion packs, taking the Indian group's combined global aseptic capacity to about 24 billion packs a year alongside its Sanand plant in India. The Egyptian plant is expected to start at around 30% utilisation and progressively ramp toward full capacity by around 2030, targeting Europe, Africa, the Gulf, the Americas and the CIS via Suez Canal shipping routes.
Why this mattersA second, closer-to-market aseptic base gives UFlex a route to compete more directly with Tetra Pak, SIG and Elopak in Europe, Africa and the Gulf.
- Investment: $126 million greenfield Asepto plant at Ain Sokhna, Egypt, on a 30-acre site
- Eventual annual capacity: 12 billion aseptic carton packs, matching UFlex's Sanand plant in India
- Combined global aseptic capacity reaches approximately 24 billion packs per year
- Initial utilisation expected at roughly 30%, rising to about 70% in year two and design capacity by 2030
- The plant has entered customer trials, with commercial production planned for late 2026
- Egypt trade access includes COMESA, GAFTA and the African Continental Free Trade Area
- The Ain Sokhna plant is equipped with two Heidelberg Boardmaster printing lines, an SML extrusion line and two IMS slitters.
- Utilisation is now phased at about 30% in year one and 60-70% in year two, with full capacity targeted around 2029-30.
- UFlex reported group revenue of about $1.63 billion for the year ended 31 March, with more than 16,000 employees globally.
- More than $100 million of the $126 million investment has already been spent.
- UFlex frames the Egypt plant as a shift from an India-led export model to multi-location global manufacturing
- The plant uses a Heidelberg Board Master XL 1650 printing line and an SML Triplex extrusion laminator.
- Paper for the plant is supplied by Stora Enso.
- Asepto's existing Sanand, India plant serves over 250 customers in more than 50 countries.
- Utilisation is now guided at 30% in year one, rising to 100% by year three.
- The Ain Sokhna plant uses automated manufacturing machinery
- The Ain Sokhna plant sits in the Orascom Industrial Park within the Suez Canal Economic Zone.
- Installed equipment includes a Heidelberg Boardmaster XL 1650 press, an SML Triplex lamination line and Madern Automation reel handling rated at 160 reels an hour.
- Commercial trials are underway ahead of commissioning, still targeted before the end of 2026.
- The Ain Sokhna plant will use next-generation automated manufacturing machinery
- UFlex's Q1 FY27 consolidated net profit rose 629.6% year-on-year to INR 423.3 crore
- Q1 FY27 revenue rose 37.6% year-on-year to INR 5,366 crore
An HKIAC-constituted tribunal on 31 August 2026 rejected an attempt by Greatview Holdings, a wholly-owned subsidiary of Greatview Aseptic Packaging (HKEX: 00468), to set aside an emergency arbitral award won by Swiss aseptic packaging firm Wintipak AG, leaving the award in force. The award, together with a Hong Kong High Court enforcement order, bars Greatview Holdings and affiliates, including Shenzhen-listed Shandong NewJF Technology Packaging, from soliciting Wintipak's customers under a framework agreement. Wintipak separately alleges that Greatview's 17 August 2026 quarterly disclosure on its trading suspension omitted mention of Wintipak's proceedings against it.
Why this mattersThe ruling curbs Greatview's ability to compete for aseptic-carton customers under the framework deal and raises disclosure questions while its shares remain suspended.
- Tribunal decision of 31 August 2026 rejected Greatview Holdings' bid to set aside the emergency award
- Emergency award originally issued 21 November 2025, corrected 16 December 2025, by an HKIAC tribunal
- Hong Kong High Court granted an enforcement order on 30 December 2025 mirroring the award's terms
- Order binds Greatview Holdings and affiliates including Shenzhen-listed Shandong NewJF Technology Packaging Co., Ltd. (301296.SZ)
- Award bars Greatview Holdings from soliciting or contracting with Wintipak's customers for products under their framework agreement
- Wintipak AG alleges Greatview's 17 August 2026 quarterly update omitted Wintipak's legal proceedings against Greatview Holdings
- Wintipak AG filed contempt of court proceedings against Greatview Holdings at the Hong Kong High Court on 17 September 2026, seeking fines and other relief for alleged breach of the framework agreement.
- Greatview Aseptic Packaging CEO Yuan Xunjun resigned the operating role on 21 September 2026, retaining only chairman and executive director titles, with Wang Dawei taking over day-to-day management.
