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 Creative Energy Solutions Holdings Limited
(Stock code: 8109)
Proceeding to the cancellation of listing
as stipulated under Rule 9.14 of the
Rules Governing the Listing of Securities on
The Growth Enterprise Market of
The Stock Exchange of Hong Kong Limited (the GEM Listing Rules)
The Exchange proposes to exercise its rights to cancel the listing of the shares of Creative Energy Solutions Holdings Limited (the Company) on the Exchange pursuant to Rule 9.14 of the GEM Listing Rules.
Dealing in the shares of the Company has been suspended since 30 September 2005. As at the date of this announcement, the Company has not submitted any viable resumption proposal. A viable resumption proposal most importantly will need to demonstrate the Company’s compliance with the GEM Listing Rules and all applicable laws and regulations. In addition, the proposal will enable the Company to demonstrate that it, directly or indirectly, has a sufficient level of operations and management expertise on the business pursuits of the Company to warrant the continued listing of the Company’s shares on the Exchange. The proposal will also need to demonstrate that the Company has adequate financial reporting and compliance systems and procedures to enable the Company to meet its obligations under the GEM Listing Rules. Any concerns raised by the Company’s auditors through the qualification on their audit report in respect of the financial statements of the Group published after the suspension will need to be investigated and addressed to the satisfaction of the Exchange.
In view of the absence of any viable resumption proposal and the fact that the Company is yet to demonstrate that it has a sufficient level of operations to warrant the continued listing of the Company’s shares, the Exchange proposes to exercise its right to cancel the listing of the shares of the Company on the Exchange. The Company has a period of six months from the date of this announcement for the submission of a viable resumption proposal and to remedy those matters that gave rise to the Exchange’s proposal to cancel the listing of the Company. A viable resumption proposal should be submitted at least 10 business days as defined in the GEM Listing Rules before the expiry of the six-month period. If the Company has not submitted a viable resumption proposal as required, the Exchange intends to cancel the listing of the Company on the expiry of the six-month period from the date of this announcement (i.e. 23 May 2007).
The Exchange will make a further announcement in due course if the cancellation of the listing takes place.