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Announcement - In relation to the matter of Tungda Innovative Lighting Holdings Limited (Provisional Liquidators Appointed) (Stock Code: 8229) Proceeding to the cancellation of listing

Regulatory
28 Dec 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 Tungda Innovative Lighting Holdings Limited 
(Provisional Liquidators Appointed)
(Stock Code: 8229)

Proceeding to the cancellation of listing
 

The Stock Exchange of Hong Kong Limited (the Exchange) has decided to exercise its power to cancel the listing of the shares of Tungda Innovative Lighting Holdings Limited (Provisional Liquidators Appointed) (the Company) under GEM Rule 9.14.

Under GEM Rule 9.15, the Exchange has served a notice on 14 December 2012 to the Company giving it six months to provide an appropriate submission. If the Company has not made any satisfactory submission on or before 27 June 2013, the Exchange intends to cancel the Company’s listing.

The Company has suspended its shares trading for over eight years since 29 July 2004.  The Exchange proposes to exercise its rights to cancel the Company’s listing under GEM Rule 9.14.

The Exchange has arrived at its decision having considered, among others, the following:

(a) The Company, which obtained its listing with falsified information, is considered unsuitable for listing. The results of police investigations and court actions have provided strong evidence that the Company’s sales figures presented in the Company’s prospectus for its initial listing application on GEM in 2002, and in the draft prospectus for its application in 2004 for transferring to the Main Board, were falsified. Mr Chu Chien Tung and Mr Chu Chick Kei, the Company’s controlling shareholders and former executive directors, were convicted and disqualified as company directors by the High Court of Hong Kong;
(b) The information available so far indicates that the Company does not have sufficient operations or assets required by GEM Rule 17.26 to warrant its continued listing. The Company is currently under provisional liquidation. According to the provisional liquidators, its major PRC subsidiaries had been transferred out of the Group and it is uncertain whether the Company has any operations in Hong Kong.  The Company has not published its financial results since 30 June 2011 to update its operational and financial status; and
(c) Trading in the Company’s shares has been suspended for over eight years since July 2004. The Company has not demonstrated that it has taken adequate actions to resume trading.

Under GEM Rule 9.15, the Exchange has served a notice on 14 December 2012 to the Company giving it six months to provide an appropriate submission. If the Company has not made any satisfactory submission on or before 27 June 2013, the Exchange intends to cancel the Company’s listing.

The Exchange will make a further announcement if cancellation of the listing takes place. 


Ends

Updated 28 Dec 2012

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