SINGAPORE (Mar 28): Minority shareholders of China Hongxing have approved an offer by the company’s former CEO to buy over the operating assets of the sportswear maker. At a special general meeting held this morning, they voted to accept the equivalent of $1.60 for each 1,000 shares they hold as a payout from the sale.

Suspended since 2011, China Hongxing last traded at 11 cents, or $110 per lot of 1,000 shares. The once high flying company was at one point trading at more than a dollar before lapse in accounting and governance sent the company spiralling.

All three resolutions tabled at an extraordinary general meeting held this morning were passed, albeit with significant opposition. Specifically, shareholders protested the first proposal, to accept the offer by former CEO Denis Wu to buy RMB470.7 million worth of assets for RMB 100 million ($20.8 million).

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