ANNOUNCEMENT
In relation to the matter of Fujian Group Limited
Proceeding to the third stage of the delisting procedures
as stipulated under Practice Note 17 to the Rules Governing the Listing of Securities
on The Stock Exchange of Hong Kong Limited (the "Listing Rules")
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The Stock Exchange of Hong Kong Limited (The Exchange) announces that effective from the date of this announcement, Fujian Group Limited will be put into the third stage of the Delisting Procedures.
Pursuant to the Delisting Procedures, Fujian Group Limited will have a final six months for the submission of a valid resumption proposal to the Exchange. If the Company does not put forward a valid resumption proposal by 20 January 2003, being six months from the date of this announcement, the Exchange intends to cancel the listing of the Company.
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The Exchange announces that effective from the date of this announcement, Fujian Group Limited (the "Company") will be put into the third stage of the delisting procedures in accordance with Practice Note 17 to the Exchange Listing Rules ( "Delisting Procedures"). Practice Note 17 formalises the procedures to be adopted in dealing with long suspended companies.
Dealing in the shares of the Company has been suspended since 16 February 2001. Since its suspension, the Company has not submitted any valid resumption proposal. A valid resumption proposal means a proposal that, if it were implemented, would enable an issuer to demonstrate that it complies with paragraph 38 of the Listing Agreement. Paragraph 38 of the Listing Agreement requires an issuer to carry out, directly or indirectly, a sufficient level of operations or have tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to the Exchange to warrant the continued listing of the issuer's securities on the Exchange.
In view of the absence of any resumption proposal since the suspension of trading of the Company's shares on the Exchange on 16 February 2001 and the Company's continued failure to meet the requirements as stipulated under Paragraph 38 of the Listing Agreement, the Company does not have sufficient assets or operations to warrant its listing of shares on the Exchange. Accordingly, the Company will now be proceeded to the third stage of the Delisting Procedures. The Company will have a final six months for the submission of a valid resumption proposal to the Exchange. If the Company does not submit a valid resumption proposal by 20 January 2003, the Exchange intends to cancel the listing of the Company.
The Exchange will make a further announcement in due course if the delisting takes place.