The Stock Exchange of Hong Kong Limited (HKEx) has placed China Forestry Holdings Co. Ltd. into the third delisting stage today. If no viable resumption proposal is received by the end of the third delisting stage (i.e. February 2, 2017), the company’s listing will be cancelled.
By July 8, 2015 HKEx was of the view that China Forestry Holdings did not comply with the requirement to have sufficient operations or assets under Rule 13.24. The exchange placed the company into the first and second delisting stages on July 8, 2015 and January 13, 2016 respectively. At the end of the second delisting stage on July 12, 2016, China Forestry Holdings did not provide any resumption proposal. Therefore, the exchange has decided to place the company into the third delisting stage under Practice Note 17 to the Listing Rules.
China Forestry Holdings will have a final six months to provide a viable resumption proposal to demonstrate sufficient operations or assets as required under Rule 13.24 and to have the winding up order against the Company withdrawn or dismissed and the joint official liquidators discharged.
China Forestry Holdings must also:
- address the issues arisen from the forensic investigation findings as disclosed in the Company’s announcement of 27 April 2012;
- publish all outstanding financial results and address any audit qualifications; and
- demonstrate that it has put in place adequate financial reporting procedures and internal control systems to meet its Listing Rule obligations.
If no viable resumption proposal is received by the end of the third delisting stage (i.e. February 2, 2017), the company’s listing will be cancelled. HKEx will make a further announcement if the delisting takes place.