HK Stock Market Move | UBOX ONLINE (02429) fell more than 5% in the afternoon. H shares have been approved for full circulation by the Hong Kong Stock Exchange. The arbitration claim against the company has been rejected.

UBOX ONLINE (02429) fell by over 5% in the afternoon, dropping 4.55% to HK$2.31 by the time of publication, with a turnover of HK$10.715 million. On the news front, UBOX ONLINE announced that the Stock Exchange has approved 35.6477 million shares, accounting for approximately 4.2873% of the company's total issued share capital, for the purpose of H-share full circulation as well as the conversion and listing conversion of H-shares from domestic shares for trading, subject to the fulfillment of all other conditions for conversion and listing. In addition, on April 3, the China International Economic and Trade Arbitration Commission ruled to dismiss all claims from the applicant, Guangzhou Fuhong Intelligent Technology, and the costs of the arbitration proceedings are to be borne by the applicant. It is reported that last October, the company received an arbitration notice from Guangzhou Fuhong Intelligent Technology submitted to the China International Economic and Trade Arbitration Commission. The notice involved an investment agreement signed on June 15, 2021, accusing UBOX ONLINE of failing to acquire the 49% equity interest held by Fuhong in Shenzhen Youfu according to the agreement.