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 I-China Holdings Limited
(Provisional Liquidators Appointed)
Proceeding to the third stage of the delisting procedures
as stipulated under Practice Note 17
of the Exchange Listing Rules
The Stock Exchange of Hong Kong Limited (the Exchange) announces that effective from the date of this announcement, the Company will be put into the third stage of the Delisting Procedures.
Pursuant to 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 put forward a valid resumption proposal by 16 August 2003, being six months from the date of this announcement, the Exchange intends to cancel the listing of the Company. |
The Exchange announces that effective from the date of this announcement, I-China Holdings Limited (Provisional Liquidators Appointed) (the "Company") will be put into the third stage of the delisting procedures in accordance with Practice Note 17 to the 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 15 January 2002. The Company has been placed in the second stage of the delisting procedures pursuant to Practice Note 17 since 26 July 2002. Prior to the expiry of the second stage of the delisting procedures on 25 January 2003, the Company has not submitted a 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 proposals prior to the expiry of the second stage of the delisting procedures and the Company's continued failure to meet the requirements as stipulated under Paragraph 38 of the Listing Agreement, the Company will now proceed to the third stage of the Delisting Procedures. The provisional liquidators of the Company however submitted on 30 January 2003 a letter setting out, in broad terms, the commercial terms of a proposal received from a potential investor in connection with the restructuring of the Company. The Company has yet to demonstrate as to whether the proposal is a valid resumption proposal. 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 16 August 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.