The Stock Exchange of Hong Kong Limited placed Anxin-China Holdings Limited into the third delisting stage today. If no viable resumption proposal is received by the end of the third delisting stage (i.e. 20 June 2017), Anxin-China Holdings’ listing will be cancelled.
Trading of the company’s shares was suspended on 1 April 2015 as it has failed to release its annual results for the year ended 31 December 2014.
By 27 November 2015 the Exchange was of the view that the company did not comply with the requirement to have sufficient operations or assets under Rule 13.24.
HKEXÂ placed the company into the first and second delisting stages on 27 November 2015 and 31 May 2016 respectively. At the end of the second delisting stage on 30 November 2016, the Company did not provide any resumption proposal. Therefore, the Exchange has decided to place the company into the third delisting stage under Practice Note
Anxin-China Holdings will have a final six months to provide a viable resumption proposal to demonstrate sufficient operations or assets.
Anxin-China Holdings must also:
- conduct an appropriate investigation on the issues as disclosed in the announcements of 15 May and 25 September 2015, disclose the findings of the investigation, assess the impact on the Company’s financial and operational positions, and take appropriate remedial actions;
- demonstrate that there is no reasonable regulatory concern about management integrity which will pose a risk to investors and damage market confidence;
- publish all outstanding financial results under the Listing Rules and address any audit qualifications;
- demonstrate that the Company has put in place adequate financial reporting procedures and internal control systems to meet its Listing Rule obligations; and
- inform the market of all material information for the shareholders and the investors to appraise the Group’s position.
If no viable resumption proposal is received by the end of the third delisting stage (20 June 2017), the company’s listing will be cancelled.