Announcement - In relation to the matter of Han Tang International Holdings Limited (Stock Code: 1187) Proceeding to third stage of delisting procedures
Regulatory
08 Jun 2016
香港聯合交易所有限公司
(香港交易及結算所有限公司全資附屬公司)
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
ANNOUNCEMENT
In relation to the matter of Han Tang International Holdings Limited
(Stock Code: 1187)
Proceeding to third stage of delisting procedures
| The Stock Exchange of Hong Kong Limited (the "Exchange") places Han Tang International Holdings Limited (the "Company") into the third delisting stage today. If no viable resumption proposal is received by the end of the third delisting stage (i.e. 7 December 2016), the Company’s listing will be cancelled. |
Trading of the Company's shares was suspended on 1 April 2014 initially pending release of the annual results of the Company for the year ended 31 December 2013. Subsequently the Company has lost control of the subsidiary engaging in the tyre business.
As the Company was unable to demonstrate that it had sufficient operations or assets as required under Rule 13.24, the Exchange placed the Company into the first and second delisting stages on 8 May and 11 November 2015 respectively. At the end of the second delisting stage on 10 May 2016, the Company did not provide a viable resumption proposal. Therefore, the Exchange has decided to place the Company into the third delisting stage under Practice Note 17 to the Listing Rules.
The Company will have a final six months to provide a viable resumption proposal to demonstrate sufficient operations or assets as required under Rule 13.24.
The Company must also:
| (a) |
address the findings in the forensic review set out in the Company's announcement of 15 September 2014;
|
| (b) |
address audit qualifications in its latest published results; and
|
| (c) |
demonstrate that it has put in place adequate financial reporting procedures and internal control systems to meet its obligations under the Listing Rules. |
If no viable resumption proposal is received by the end of the third delisting stage (i.e. 7 December 2016), the Company's listing will be cancelled. The Exchange will make a further announcement if the delisting takes place.
Ends