Exchange’s Disciplinary Action against China U-Ton Future Space Industrial Group Holdings Limited (In Liquidation) (Stock Code: 6168)
Regulatory
09 Dec 2021
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)
The Stock Exchange of Hong Kong Limited
CENSURES:
China U-Ton Future Space Industrial Group Holdings Limited (In Liquidation) (Stock Code: 6168).
Between February and April 2021, the Company was presented with four winding-up petitions. Under the Listing Rules, the Company should have published an announcement and informed the Exchange as soon as it became aware that a winding-up petition had been presented. The Company failed to do so, thus breaching the Listing Rules and depriving the market and stakeholders of the Company of important information.
Thereafter, at the hearing of the first of the four petitions on 5 May 2021, the High Court made a winding-up order against the Company. When this came to the attention of the Exchange later that day, trading in the Company’s shares was suspended.
Key Messages:
Winding-up petitions, and other events relating to winding-up, liquidation, or enforcement against the issuer’s assets, should be announced as soon as an issuer becomes aware of them (Rule 13.25(1)). The obligation to announce arises immediately upon presentation of the petition, and is not contingent on the expected or actual outcome of the petition, including whether the issuer believes that the petition lacks merit, or whether agreement may be reached with the petitioner for the petition to be withdrawn.
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