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Screenshot of a breaking news alert e-mail from Q2 2017
The Stock Exchange of Hong Kong Limited has announced that with effect from 9:00 am on October 19, 2016, the listing of the shares of Long Success International (Holdings) Limited will be cancelled on the Exchange under GEM Listing Rule 9.14.
Trading in the company’s shares has been suspended since December 3, 2013 for over 2.5 years as it has failed to have sufficient operations or value of assets under GEM Rule 17.26.
On November 21, 2014, the exchange proposed to exercise its rights under GEM Listing Rule 9.14 to cancel the company’s listing and gave the company a period of 6 months to submit a viable resumption proposal. If the Company fails to do so, the Exchange would cancel the Company’s listing.
Long Success International Limited has submitted a resumption proposal before expiry of the six-month period. The proposal, which involved an acquisition of automobile detailing, repair and maintenance business, would constitute a reverse takeover subject to the new listing requirements. The six-month period expired on May 20, 2015. At the Company’s requests and having considered its circumstances, the Listing Department extended the deadline twice to allow the Company to submit a new listing application for the acquisition. However, the Company failed to do so by the deadline imposed. Therefore, the GEM Listing Committee has decided to cancel the listing of the company’s shares.
On February 11, 2016, the company sought a review by the GEM Listing (Review) Committee on the delisting decision. On 8 April 2016, the GEM Listing (Review) Committee upheld the GEM Listing Committee’s decision to cancel the Company’s listing. The company then requested for a further review. On 5 October 2016, the Listing Appeals Committee upheld the GEM Listing (Review) Committee’s delisting decision. Accordingly, the Exchange will cancel the Company’s listing with effect from 9:00 am on 19 October 2016.
The exchange has notified the company of its obligation under GEM Listing Rule 9.17 to publish an announcement providing details of the Exchange’s decision and the consequences to shareholders of the company.
The exchange advises shareholders of the company who have any queries about the implications of the delisting to obtain appropriate professional advice.