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 Solar Energy Holdings Limited
(Provisional liquidators appointed) (Stock Code: 155)
Proceeding to third stage of delisting procedures
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The Stock Exchange of Hong Kong Limited (the "Exchange") placesChina Solar Energy Holdings Limited(the "Company") into the third delisting stage today.At the end of the third delisting stage (i.e. 1 March 2017), if no viable resumption proposal is received, the Company's listing will be cancelled.
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Trading of the Company’s shares was suspended on 16 August 2013 initially pending a clarification announcement on unusual price movements of the Company. On 18 October 2013, the Company announced that complaints alleging certain fraudulent acts in two subsidiaries of the Company were received.
Subsequently, the Company has substantially ceased its operations and failed to have sufficient operations or assets under Rule 13.24. The Listing Department placed the Company into the first and second delisting stage on 5 January and 8 July 2015 respectively.
Before expiry of the second delisting stage, the Company submitted a resumption proposal which involved a proposed acquisition of a solar power plant. The Department considered the proposal not viable and decided on 29 January 2016 to place the Company into the third delisting stage. On 12 February 2016, the Company sought a review by the Listing Committee on the Department’s decision. On 16 May 2016, the Listing Committee upheld the Department’s decision to place the Company into the third delisting stage. The Company sought a further review on the Listing Committee’s decision. On 22 August 2016, 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 demonstrate sufficient operations or assets as required under Rule 13.24. The Company must also:
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conduct an appropriate investigation on the allegations, disclose the findings on the investigation and take remedial actions, if any;
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publish all outstanding financial results and address any audit qualifications; and
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| (iii) |
demonstrate that the Company has put in place adequate financial reporting procedures and internal control systems to meet obligations under the Listing Rules. |
At the end of the third delisting stage (i.e. 1 March 2017), if no viable resumption proposal is received, the Company’s listing will be cancelled. The Exchange will make a further announcement if the delisting takes place.
Ends