ANNOUNCEMENT - In relation to the matter of Zhejiang Glass Company, Limited (Administrator appointed under the Enterprise Bankruptcy Law of the PRC) (Stock Code: 739) Proceeding to third stage of delisting procedures
Regulatory
07 Nov 2012
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 Zhejiang Glass Company, Limited
(Administrator appointed under the Enterprise Bankruptcy Law of the PRC)
(Stock Code: 739)
Proceeding to third stage of delisting procedures
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The Stock Exchange of Hong Kong Limited (the Exchange) places the Company to the third delisting stage today. The Exchange intends to cancel the listing after the six-month period (i.e. 6 May 2013) if the Company does not provide a viable resumption proposal.
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Trading of the Company's shares was suspended on 3 May 2010. At the end of the second delisting stage, the Company has not provided any resumption proposal to demonstrate it has sufficient operations or assets for listing. Therefore, the Exchange places the Company to the third delisting stage today under Practice Note 17 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Rules”).
The Company will have a final six months to provide a viable resumption proposal. The resumption proposal needs to:
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(i)
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demonstrate sufficiency of operation or assets under Rule 13.24;
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(ii)
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publish all outstanding financial results and address any audit qualifications;
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(iii)
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inform the market of all material information for it to appraise the Group’s position;
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(iv) |
demonstrate sufficient working capital for at least twelve months from resumption date;
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(v) |
demonstrate adequate financial reporting procedures and internal control systems to meet obligations under the Listing Rules;
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(vi)
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demonstrate that there is no concern about management issues which will pose a risk to investors; and
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(vii)
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withdraw and/or dismiss the bankruptcy proceeding and discharge the administrator appointed under the Enterprise Bankruptcy Law of the PRC.
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The Exchange intends to cancel the listing after the six-month period (i.e. 6 May 2013) if the Company does not provide a viable resumption proposal. The Exchange will make further announcement if the delisting takes place.
Ends