HKEX cancels Greatview Aseptic Packaging's listing after 18-month suspension
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.