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
Long Success International (Holdings) Limited
(Stock Code: 8017)
Cancellation of listing
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The Stock Exchange of Hong Kong Limited (the "Exchange") announces that with effect from 9:00 am on 19 October 2016, the listing of the shares of Long Success International (Holdings) Limited (the "Company") will be cancelled on the Exchange under GEM Listing Rule 9.14.
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The Exchange announces that the listing of the Company’s shares will be cancelled with effect from 9:00 am on 19 October 2016 under GEM Listing Rule 9.14.
Trading in the Company's shares has been suspended since 3 December 2013 for over 2.5 years as it failed to have sufficient operations or value of assets under GEM Rule 17.26.
On 21 November 2014, the Exchange proposed to exercise its rights under GEM Listing Rule 9.14 to cancel the Company's listing and gave the Company a period of 6 months to submit a viable resumption proposal. If the Company fails to do so, the Exchange would cancel the Company's listing.
The Company submitted a resumption proposal before expiry of the six-month period. The proposal, which involved an acquisition of automobile detailing, repair and maintenance business, would constitute a reverse takeover subject to the new listing requirements. The six-month period expired on 20 May 2015. At the Company's requests and having considered its circumstances, the Listing Department extended the deadline twice to allow the Company to submit a new listing application for the acquisition. However, the Company failed to do so by the deadline imposed. Therefore, the GEM Listing Committee decided to cancel the listing of the Company’s shares.
On 11 February 2016, the Company sought a review by the GEM Listing (Review) Committee on the delisting decision. On 8 April 2016, the GEM Listing (Review) Committee upheld the GEM Listing Committee's decision to cancel the Company's listing. The Company then requested for a further review. On 5 October 2016, the Listing Appeals Committee upheld the GEM Listing (Review) Committee's delisting decision. Accordingly, the Exchange will cancel the Company's listing with effect from 9:00 am on 19 October 2016.
The Exchange has notified the Company of its obligation under GEM Listing Rule 9.17 to publish an announcement providing details of the Exchange's decision and the consequences to shareholders of the Company.
The Exchange advises shareholders of the Company who have any queries about the implications of the delisting to obtain appropriate professional advice.
Ends