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Announcement - In relation to the matter of Greens Holdings Ltd (In Provisional Liquidation) (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1318) Proceeding to third stage of delisting procedures

Regulatory
11 May 2017

香港聯合交易所有限公司
(香港交易及結算所有限公司全資附屬公司)
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
Greens Holdings Ltd (In Provisional Liquidation)
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1318)

Proceeding to third stage of delisting procedures

The Stock Exchange of Hong Kong Limited (the "Exchange") places Greens Holdings Ltd (the "Company") into the third delisting stage today. If no viable resumption proposal is received by the end of the third delisting stage (i.e. 10 November 2017), the Company’s listing will be cancelled.

Trading of the Company's shares was suspended on 2 June 2015 pending the release of an inside information announcement.

On 4 September 2015, the Company announced that it was unable to pay its debts as they fell due and was insolvent. On 13 October 2015, the Company further announced that an order of the Grand Court of the Cayman Islands was granted for the appointment of three partners of KPMG as joint provisional liquidators.

The Listing Department (the "Department") placed the Company into the first and second delisting stages on 14 October 2015 and 14 April 2016 respectively. Before expiry of the second delisting stage, the Company submitted a resumption proposal. The Department considered the proposal not viable and decided on 28 October 2016 to place the Company into the third delisting stage.

On 7 November 2016, the Company sought a review by the Listing Committee on the Department's decision. On 6 January 2017, the Listing Committee upheld the Department's decision to place the Company into the third delisting stage. The Company sought a further review on the Listing Committee's decision. On 28 April 2017, the Listing (Review) Committee upheld the Listing Committee’s decision to place the Company into the third delisting stage.

The Company will have a final six months to provide a viable resumption proposal to demonstrate sufficient operations or assets as required under Rule 13.24.

The Company must also:

  1. conduct an appropriate investigation on the problematic transactions and allegations as disclosed in the announcement of 6 August 2015 and disclose the findings of the investigation and take remedial actions, if any;

  2. demonstrate no reasonable regulatory concerns about management integrity;

  3. publish all outstanding financial results and address any audit qualifications; and

  4. demonstrate adequate and effective financial reporting procedures and internal control systems to meet the obligations under the Listing Rules

If no viable resumption proposal is received by the end of the third delisting stage (i.e.10 November 2017), the Company's listing will be cancelled. The Exchange will make a further announcement if the delisting takes place.


Ends

Updated 11 May 2017

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