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 Fujian Nuoqi Co Ltd
(Incorporated in the People’s Republic of China with limited liability)
(Stock Code: 1353)
Proceeding to third stage of delisting procedures
| The Stock Exchange of Hong Kong Limited (the “Exchange”) places Fujian Nuoqi Co Ltd (the “Company”) into the third delisting stage with effect from 27 September 2017. If no viable resumption proposal is received by the end of the third delisting stage (i.e. 26 March 2018), the Company’s listing will be cancelled. |
Trading of the Company’s shares was suspended on 23 July 2014 pending a clarification announcement of the disappearance of Mr Ding Hui (“Mr Ding”). It was found subsequently that Mr Ding had entered into various unauthorised transactions regarding guarantees and pledges for the Company.
As the Company was unable to demonstrate that it had sufficient operations or assets as required under Rule 13.24, the Listing Department (the “Department”) placed the Company into the first and second delisting stages on 25 January 2016 and 26 July 2016 respectively. Before expiry of the second delisting stage, the Company submitted a resumption proposal to the Department. However, the Department considered the resumption proposal not viable and therefore, on 17 February 2017, it decided to place the Company into the third delisting stage under Practice Note 17 to the Listing Rules.
On 27 February 2017, the Company sought a review by the Listing Committee on the Department’s decision. On 17 May 2017, the Listing Committee upheld the Department’s decision to place the Company into the third delisting stage.
On 26 May 2017, the Company sought a further review by the Listing (Review) Committee on the Listing Committee’s decision. On 15 September 2017, the Listing (Review) Committee upheld the Listing Committee’s decision to place the Company into the third delisting stage.
The Company will have a final six months to provide a viable resumption proposal to address the following:
| (a) |
demonstrate sufficient operations or assets required under rule 13.24;
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| (b) |
conduct an appropriate forensic investigation on the unauthorised transactions entered into by the Company without authorization by the Company’s board of directors, disclose the findings and address issues identified;
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| (c) |
demonstrate that the Company has put in place adequate financial reporting procedures and internal control systems;
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| (d) |
demonstrate that there is no reasonable regulatory concern about management integrity which will pose a risk to investors and damage market confidence;
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| (e) |
address audit qualifications set out in the Company’s latest published annual results; and
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| (f) |
inform the market about all material information of the Company. |
If no viable resumption proposal is received by the end of the third delisting stage (i.e. 26 March 2018), the Company’s listing will be cancelled. The Exchange will make a further announcement if the delisting takes place.
Ends