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 New City (China) Development Limited
(Stock Code: 456)
Proceeding to third stage of delisting procedures
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The Stock Exchange of Hong Kong Limited (the Exchange) places the Company in the third delisting stage today. The Exchange intends to cancel the listing after the six-month period (i.e. 24 February 2011) if the Company does not provide a viable resumption proposal.
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Trading of the Company’s shares was suspended on 30 December 2003. The Company provided a resumption proposal but the Exchange determined that the proposal was not a viable resumption proposal. It does not have sufficient operations or assets for listing. Therefore, the Exchange places the Company in 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:
(i) demonstrate sufficient operations or assets to comply with Rule 13.24;
(ii) publish all outstanding financial results and address any audit qualifications; and
(iii) demonstrate adequate and effective internal control system to comply with the Listing Rules.
The Exchange intends to cancel the listing after the six-month period (i.e. 24 February 2011) if the Company does not provide a viable resumption proposal. The Exchange will make further announcement if the delisting takes place.
Ends