THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
CRITICISM
Datasys Technology Holdings Limited
(the Company)
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The Stock Exchange of Hong Kong Limited (the Exchange) hereby publicly criticises the Company in relation to its failure to send and publish its annual report (including audited accounts) and annual results for the financial year ended 31 December 2002 on time. The failure constituted breaches of Rules 18.03 and 18.49 of the GEM Listing Rules. |
At a disciplinary hearing held on 10 February 2004 (the Disciplinary Hearing), the Listing Committee of the Growth Enterprise Market of the Exchange (the GEM Listing Committee) conducted a hearing into the conduct of the Company.
The Company was required under: (i) Rule 18.03 of the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (the GEM Listing Rules) to send to its shareholders its annual report and audited accounts not more than three months after the date upon which the financial year ended; and (ii) Rule 18.49 of the GEM Listing Rules to publish on the GEM website its preliminary results in respect of its financial year no later than three months after the date upon which the financial year ended.
For the financial year ended 31 December 2002, the Company's annual report (including audited accounts) and annual results were not sent and published until 30 May 2003.
The Disciplinary Hearing was conducted into possible breaches by the Company of its obligations under, among other things, Rules 18.03 and 18.49 of the GEM Listing Rules. The Company admitted breaching the said provisions.
The GEM Listing Committee attaches great importance to compliance with these provisions, which are designed to ensure prompt dissemination of essential financial information on the affairs of the Company to the shareholders and the public.
The GEM Listing Committee concluded that the Company was in breach of Rules 18.03 and 18.49 of the GEM Listing Rules.
Accordingly, the GEM Listing Committee hereby publicly criticises the Company for breaching Rules 18.03 and 18.49 of the GEM Listing Rules.