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 Golden Shield Holdings (Industrial) Limited
(In Compulsory Liquidation)
(Stock Code: 2123)
Proceeding to third stage of delisting procedures
| The Stock Exchange of Hong Kong Limited (the "Exchange") places Golden Shield Holdings (Industrial) 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. 4 January 2017), the Company’s listing will be cancelled. |
Trading of the Company's shares was suspended on 1 April 2014 as it failed to release its annual results for the year ended 31 December 2013.
By 4 June 2015 the Exchange was of the view that the Company did not comply with the requirement to have sufficient operations or assets under Rule 13.24. The Exchange placed the Company into the first and second delisting stages on 4 June and 7 December 2015 respectively. At the end of the second delisting stage on 6 June 2016, the Company did not provide any 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sufficient operations or assets as required under Rule 13.24 and to have the winding up petition against the Company withdrawn or dismissed and the liquidators discharged.
The Company must also:
| (a) |
complete an investigation on the nature, extent and impact of the legal proceedings involved the Company's principalMainland subsidiary, disclose the findings of the investigation and take remedial actions;
|
| (b) |
publish all outstanding financial results and address any audit qualifications; 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. 4 January 2017), the Company's listing will be cancelled. The Exchange will make a further announcement if the delisting takes place.
Ends