Announcement - In relation to the matter of China Oriental Group Company Limited (Stock Code: 581) Proceeding to the cancellation of listing
Regulatory
27 Jul 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 China Oriental Group Company Limited
(Stock Code: 581)
Proceeding to the cancellation of listing
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The Stock Exchange of Hong Kong Limited (the "Exchange") is minded to exercise its power to cancel the listing of the shares of China Oriental Group Company Limited (the "Company") under the Listing Rules.
In this regard, the Exchange requires that the Company must have remedied the public float issue by 27 January 2017. Should the Company fail to do so, the Exchange may proceed with cancelling the Company’s listing.
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Trading of the Company's shares has been suspended since 29 April 2014 due to insufficient public float of the Company's shares. The Exchange has decided to commence procedures to cancel the Company's listing under Rule 6.01(2) on the ground that it has insufficient securities in the hands of the public for a prolonged period.
The Exchange has arrived at its decision having considered that the Company's shares have been suspended from trading since 29 April 2014 and the Company has not provided any viable or concrete proposal for restoration of its public float. The Exchange considers that the Company has not taken adequate action to address the public float issue for resumption of trading. This denies reasonable access to the market and prevents its proper functioning, depriving shareholders of trading their shares and/or realizing their investments in the market.
The Exchange requires the Company to remedy the public float issue by 27 January 2017. Should the Company fail to do so, the Exchange may proceed with cancelling the Company's listing. The Exchange will make a further announcement for cancellation of the listing, if appropriate, in due course.
Ends