Huajian Holdings (0479), which was listed on the main board, was accused of not having sufficient operating assets and has been suspended since October 2020. Huajian also said that it failed to publish all performance reports within the time limit. On August 1 this year Delisted from the Stock Exchange.
Huajian's request for an extension of the deadline was rejected, and last Friday (16th) he filed a request for judicial review with the High Court.
The applicant is Huajian Holdings Limited, and the respondent is the Hong Kong Stock Exchange.
The filing revealed that in 2020, the Stock Exchange pointed out that Huajian did not have sufficient operating assets, and believed that Huajian violated the rules of the Stock Exchange. Huajian’s shares have been suspended from trading on October 5 of the same year, and the Stock Exchange has also established conditions for resumption of trading. , including the requirement to hand over all unreported financial information, etc., and Huajian must meet the standards before April 4, 2022 before resumption of trading.
Huajian announced its annual results from 2019 to 2020 in February this year, but for 2020 to 2021, only the interim results of the first six months can be announced. The Stock Exchange believes that there is still a delay. Decided to delist Huajian.
Huajian wanted to extend the deadline for another six months to October 4, but was rejected by the stock exchange.
The Stock Exchange officially delisted Huajian on August 1 this year.
Huajian believes that the appointment system of members of the Listing Review Committee of the Stock Exchange is unfair, including the relatively short period of appointment of members, and the lack of guidance on the mechanism for re-appointment. He believes that members may affect other factors and affect the decision, so he requests a review Delisting decision.
A review of the company's announcement in February 2021 stated that overall, the Listing Review Committee believes that the company has not demonstrated that it has conducted a sufficient level of business operations as required under Rule 13.24 of the Listing Rules.
Trading in the shares of the company has been suspended since October 5, 2020, pending the release of the Company's audited results for the financial year ended June 30, 2020.
The Listing Review Committee noted that the company still has 18 months remaining to remediate its plans, pursue business opportunities and seek to regain compliance with Listing Rule 13.24.
Case number: HCAL 950/2022
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