COFCO Joycome to Merge Wholly-Owned Subsidiary Zhuomao, Shares Rise Over 4%
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COFCO Joycome (01610) saw its share price rise over 4%, trading at 1.1 Hong Kong dollars with a turnover of 8.47 million Hong Kong dollars. The company announced a plan to merge with its wholly-owned subsidiary, Zhuomao Limited, a British Virgin Islands company. The merger, approved on September 24, 2026, will see COFCO Joycome as the surviving entity, continuing as a Cayman Islands-registered legal entity. The subsidiary will cease to exist as an independent entity. The merger is described as an internal group restructuring, with no transfer of business or assets outside the group, and no change in the group's ultimate economic interests. The stated purpose is to simplify the corporate structure, reduce administrative and maintenance costs of maintaining a separate subsidiary, and improve management efficiency.
Source report
Hong Kong, September 24, 2026 – Shares of COFCO Joycome Foods Limited (01610) rose more than 4% in morning trading. As of the time of writing, the stock was up 3.77% at HK$1.10, with a trading volume of HK$8.47 million.
Merger Announcement
The company announced that on September 24, 2026, it approved a proposal to merge with Zhuomao Limited, a direct wholly-owned subsidiary incorporated in the British Virgin Islands. Under the plan:
- The company will be the surviving entity
- It will continue as the same legal entity incorporated in the Cayman Islands without interruption
- Following the merger, Zhuomao Limited will cease to exist as an independent legal entity
Purpose of the Merger
The merger is part of an internal restructuring within the group. Key details include:
- Asset transfer: The company will directly assume all assets and liabilities of the merged subsidiary
- No external impact: The merger does not involve transferring any business or assets outside the group
- Economic interests unchanged: The group's ultimate economic interests in the relevant businesses or assets will remain the same
- Objectives: The restructuring aims to simplify the group's corporate structure, reduce administrative and maintenance costs associated with maintaining a separate subsidiary, and improve management efficiency
Source
智通财经Neutral / independent
Part of this Story
COFCO Joycome shares rise nearly 6% after approving merger with subsidiary Zhuomao Limited