The document summarizes the status of companies that have been suspended from trading on the stock exchange for three months or more. It categorizes the long-suspended companies based on their outstanding issues and lists the major developments and outstanding resumption conditions for each company. Several companies are undergoing delisting procedures due to severe financial difficulties or minimal operations, while others are suspended due to irregularities, lack of financial reporting, or regulatory investigations. The exchange may continue suspensions or delist companies that do not adequately address issues.
The FSA published CP12/2 in January 2012setting out some of its proposals for changes to the considerable and substantive content of the Listing Rules; Prospectus Rules; and Disclosure Rules and Transparency Rules which it identified as being necessary for change to ensure that the operational effectiveness of the Listing Regime is maintained. The changes sought to ensure that the Rules properly reflect recent changes in contemporary market practices and so would allow the UK Listing Authority (UKLA) to continue to meet its objectives.
This consultation paper raised some wider issues concerning the nature of the premium listing standard and undertook, dependant upon responses, consideration to developing specific options or proposals for discussion in a further paper.
This document discusses company law reform in Hong Kong. It summarizes the work done by the Companies Registry and Standing Committee on Company Law Reform to reform company law and corporate governance, including an overall review of the Companies Ordinance, a corporate governance review, and a review of accounting provisions. Key reforms implemented include amendments to introduce one member/one director companies, remove directors by ordinary resolution, and provide indemnities and insurance for directors. A rewrite of the Companies Ordinance is also discussed to address problems with its structure, length, and outdated concepts.
Financialreportingoverviewppt 121001071038-phpapp02CA K Raghu
The Financial Reporting Review Board (FRRB) was constituted in July 2002 by the Institute of Chartered Accountants of India to review the financial statements and auditor's reports of selected enterprises. The FRRB's primary activity is to review general purpose financial statements of enterprises selected either randomly or referred by regulatory bodies, to determine compliance with accounting standards and disclosure requirements. The FRRB also creates awareness of reporting obligations among users of financial statements through publications, seminars and workshops. The review process involves initial technical review followed by a group review. The FRRB maintains confidentiality and may refer non-compliances to regulators or disciplinary authorities. So far, the FRRB has reviewed 547 enterprises and referred issues to disciplinary authorities or
This document summarizes various audit reporting standards and bulletins. It includes examples of unmodified audit reports, modified reports that include disagreements, uncertainties and scope limitations, as well as emphasis of matter and other matter paragraphs. It also discusses auditor responsibilities in relation to listed company reporting and reviews of financial statements.
HKEx Prolonged Suspension Status Report (Aug2015)asianextractor
The document summarizes the status of companies that have been suspended from trading on the stock exchange for three months or more. It provides an overview of the exchange's criteria for suspending and resuming trading, as well as a table that categorizes the long-suspended companies and outlines the key issues and developments in each case. The table lists seven companies that are undergoing the exchange's three-stage delisting procedure due to severe financial difficulties or minimal operations. It also lists one other company under regulatory investigation for alleged irregularities.
The document summarizes the status of companies that have been suspended from trading on the stock exchange for three months or more. It provides details on the various categories of suspended companies based on their issues and the steps required for resuming trading. These include companies facing severe financial difficulties, those under regulatory investigation, those that have failed to publish financial results, and others. The report also outlines the disclosure obligations of suspended companies and the conditions and outstanding issues for resumption of trading for several long-suspended companies.
This document outlines key concepts related to financial statements and accounting principles. It discusses the purpose of financial statements being to help predict future cash flows. It identifies the typical components of a complete set of financial statements as the balance sheet, income statement, statement of changes in equity, cash flow statement, and notes. The document also summarizes accounting assumptions around the economic entity, monetary unit, going concern, and time periods, as well as principles such as historical cost, revenue recognition, matching, and full disclosure.
The FSA published CP12/2 in January 2012setting out some of its proposals for changes to the considerable and substantive content of the Listing Rules; Prospectus Rules; and Disclosure Rules and Transparency Rules which it identified as being necessary for change to ensure that the operational effectiveness of the Listing Regime is maintained. The changes sought to ensure that the Rules properly reflect recent changes in contemporary market practices and so would allow the UK Listing Authority (UKLA) to continue to meet its objectives.
This consultation paper raised some wider issues concerning the nature of the premium listing standard and undertook, dependant upon responses, consideration to developing specific options or proposals for discussion in a further paper.
This document discusses company law reform in Hong Kong. It summarizes the work done by the Companies Registry and Standing Committee on Company Law Reform to reform company law and corporate governance, including an overall review of the Companies Ordinance, a corporate governance review, and a review of accounting provisions. Key reforms implemented include amendments to introduce one member/one director companies, remove directors by ordinary resolution, and provide indemnities and insurance for directors. A rewrite of the Companies Ordinance is also discussed to address problems with its structure, length, and outdated concepts.
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The Financial Reporting Review Board (FRRB) was constituted in July 2002 by the Institute of Chartered Accountants of India to review the financial statements and auditor's reports of selected enterprises. The FRRB's primary activity is to review general purpose financial statements of enterprises selected either randomly or referred by regulatory bodies, to determine compliance with accounting standards and disclosure requirements. The FRRB also creates awareness of reporting obligations among users of financial statements through publications, seminars and workshops. The review process involves initial technical review followed by a group review. The FRRB maintains confidentiality and may refer non-compliances to regulators or disciplinary authorities. So far, the FRRB has reviewed 547 enterprises and referred issues to disciplinary authorities or
This document summarizes various audit reporting standards and bulletins. It includes examples of unmodified audit reports, modified reports that include disagreements, uncertainties and scope limitations, as well as emphasis of matter and other matter paragraphs. It also discusses auditor responsibilities in relation to listed company reporting and reviews of financial statements.
HKEx Prolonged Suspension Status Report (Aug2015)asianextractor
The document summarizes the status of companies that have been suspended from trading on the stock exchange for three months or more. It provides an overview of the exchange's criteria for suspending and resuming trading, as well as a table that categorizes the long-suspended companies and outlines the key issues and developments in each case. The table lists seven companies that are undergoing the exchange's three-stage delisting procedure due to severe financial difficulties or minimal operations. It also lists one other company under regulatory investigation for alleged irregularities.
The document summarizes the status of companies that have been suspended from trading on the stock exchange for three months or more. It provides details on the various categories of suspended companies based on their issues and the steps required for resuming trading. These include companies facing severe financial difficulties, those under regulatory investigation, those that have failed to publish financial results, and others. The report also outlines the disclosure obligations of suspended companies and the conditions and outstanding issues for resumption of trading for several long-suspended companies.
This document outlines key concepts related to financial statements and accounting principles. It discusses the purpose of financial statements being to help predict future cash flows. It identifies the typical components of a complete set of financial statements as the balance sheet, income statement, statement of changes in equity, cash flow statement, and notes. The document also summarizes accounting assumptions around the economic entity, monetary unit, going concern, and time periods, as well as principles such as historical cost, revenue recognition, matching, and full disclosure.
This document provides an overview of PAS 1 on the presentation of financial statements. It discusses the components of a complete set of financial statements, which includes the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. It describes the general features of financial statement presentation, such as fair presentation, going concern assumption, accrual basis, materiality and aggregation, and offsetting. It also discusses the classification of assets and liabilities as current or non-current in the statement of financial position.
The Shifting Pharmaceutical Industry LandscapePhil Howard
The document discusses key regulatory developments and trends affecting the pharmaceutical industry's financial reporting landscape. It highlights areas of focus for the SEC based on a review of staff comment letters, including revenue recognition, collaboration agreements, acquired IPR&D assets, material patents, and R&D. It also examines common causes of restatements and provides an overview of recent and upcoming actions from standard-setting bodies like the FASB, IASB, and PCAOB.
The document provides an overview of audit and accounts provisions under the Companies Act 2013 through a presentation. Key highlights include mandatory consolidation of financial statements, reopening of accounts only via court order, voluntary revision of statements, constitution of the National Financial Reporting Authority (NFRA) to regulate auditing standards and practices, and new requirements for auditor appointment, remuneration and duties. The presentation also covers financial statements, books of accounts, corporate social responsibility requirements and rights of members to access statements.
The document discusses the Companies (Auditor's Report) Order, 2016 (CARO 2016) in India. It provides an overview of the CARO 2016 requirements for auditors to report on 16 specific matters pertaining to companies. CARO 2016 replaces the previous CARO 2015 and applies to audits for financial years starting on or after April 1, 2015. It does not apply to certain types of companies like banking, insurance, and small companies. The 16 matters auditors must comment on include fixed assets, inventory, loans, deposits, statutory dues, repayment of loans, and utilization of funds raised. Auditors must provide reasons for any unfavorable or qualified answers.
Two years of new restructirisation law in polandMarta Franczak
The document analyzes the implementation of Poland's restructuring law over 2016-2017. Some key points:
- Around 585 restructuring proceedings were opened, with the number stabilizing at around 80 per quarter after an initial increase.
- An estimated 60% of proceedings (over 300) were a result of the new law encouraging restructuring, rather than businesses shifting from bankruptcy.
- The top locations for proceedings mirrored areas with larger business activity - Warsaw had the most at 13.3%, Silesia had 13.2%, and Greater Poland had 10.6%.
- Over 25% of courts had not approved a single restructuring arrangement, showing this is still a new legal area in Poland.
Public companies, private companies, not-for-profit organizations, and employee benefit plans may soon have more guidance about how to adapt their financial reporting when they cross the line from going concerns to entities facing liquidation. Liquidation means the entity plans to convert its assets to cash, settle its obligations, and distribute any remaining cash or assets to its owners. The reasons for liquidation range from voluntary determinations, such as a decision that a company’s business model can no longer be sustained, to compulsory causes, such as an action by creditors or a court-ordered liquidation. Whatever the cause, when a company reaches this point, it means that general-purpose financial statements no longer provide the kinds of information most useful to creditors.
To promote consistent reporting in these unusual times, the FASB has issued a Proposed Accounting Standards Update (ASU) with guidance on how and when entities should apply a different basis known as the liquidation basis of accounting. This Messenger highlights the proposed guidance and open questions.
The document discusses various financial and tax planning decisions including capital structure decisions, dividend policy, bonus shares, capital gains, bond washing transactions, make or buy decisions, repair/replace decisions, and shutdown or continue decisions. It also discusses tax planning related to amalgamation or demerger of companies, conversion of firms to companies, and conversion of sole proprietorships to companies. Key considerations for various decisions are outlined relating to taxation.
The SEC staff provided guidance on key topics discussed at a recent SEC conference:
1) The SEC expects registrants' disclosures to evolve over time to reflect new accounting standards and emerging risks like Brexit and the LIBOR transition.
2) On revenue recognition, the SEC commented on significant judgment areas in ASC 606 and encouraged continued improvement of disclosures.
3) The SEC will seek input on reducing quarterly reporting burdens while maintaining investor protections.
This document discusses options for accessing international capital through public markets in London. It outlines the two main options on the London Stock Exchange - the Regulated Market and the Professional Securities Market. The Regulated Market is regulated under the Prospectus Directive and offers a European passport, while the PSM is not regulated in the same way and does not offer a passport. The document then goes into more detail on the listing requirements, product eligibility, and content of prospectuses for each market. It also discusses alternative listing options like AIM, premium listings, and FTSE inclusion requirements.
Solution Manual Advanced Accounting 9th Edition by Baker Chapter 14Saskia Ahmad
The document discusses SEC reporting requirements for public companies. It provides answers to multiple-choice questions covering topics such as the legal authority of the SEC, securities acts of 1933 and 1934, SEC forms like 10-K and 8-K, registration statements, and the Foreign Corrupt Practices Act. It also includes solutions to cases analyzing objectives of securities acts, roles of the SEC and FASB, information in proxy statements, and required disclosures in Form 10-Ks.
Exchange prospective on listing regulationjanyandkavi
This document discusses the key implications of the Listing Agreement transitioning to Listing Regulations as the governing framework for listed entities in India. It outlines the new electronic filing requirements, regulation-specific monitoring and compliance timelines that exchanges will follow. Non-compliance will now attract statutory penalties under the SEBI Act instead of just exchange-level penalties. Overall, the transition formalizes obligations and allows for stricter enforcement against non-compliant listed companies.
Exchange prospective on listing regulation by avinash karkarjanyandkavi
This document discusses the key duties and obligations of stock exchanges in monitoring listed companies' compliance with SEBI's new Listing Regulations, which come into effect in December 2015. It outlines various disclosure requirements that exchanges will monitor, including timely submission of financial results, shareholding patterns, and material event disclosures. Exchanges will seek clarification from companies in cases of non-compliance or inaccurate/inadequate disclosures and report issues to SEBI. The new regulations mandate electronic filing of all disclosures through exchange platforms for improved monitoring.
The document summarizes key changes introduced in Malaysia's new Companies Act 2016. Some of the major changes include simplifying company incorporation procedures, introducing a no-par value regime for more flexibility in managing share capital, enhancing corporate governance requirements like increasing director responsibilities and sanctions, and modernizing insolvency laws through new corporate rescue mechanisms. The Act aims to facilitate business growth while raising regulatory standards in line with international norms. It overhauls the previous 1953 legislation based on extensive reviews and stakeholder feedback over a decade to create a more practical and effective corporate legal framework.
This document provides an overview of regulations regarding delisting of shares by the Securities and Exchange Board of India (SEBI). It discusses the history and meaning of delisting, requirements for listing on a stock exchange, and issues that remained unresolved in previous delisting guidelines. The main chapters cover voluntary delisting, regulations for delisting, conditions for delisting, and consequences of compulsory delisting. It aims to explain SEBI's delisting regulations and identify outstanding questions and areas for further clarification.
The SEC regulates financial reporting and disclosures of public companies. It was given authority by the Securities Acts of 1933 and 1934 to require companies to register securities and make periodic financial disclosures. The SEC oversees registration statements, reviews financial filings like the annual 10-K, and enforces regulations around proper financial reporting, disclosures, and governance. Major forms companies use for registration and reporting include the S-1, 10-K, 10-Q, and 8-K. Key requirements for public companies outlined in the Sarbanes-Oxley Act of 2002 include CEO/CFO certification of financial reports, management assessment of internal controls, and auditor attestation of the assessment.
6. Transformation to IFRS accounting and financemastewalkassa702
This document provides an overview of the transition to adopting International Financial Reporting Standards (IFRS) in Ethiopia. It outlines the objectives of IFRS 1 for first-time adoption, including providing suitable starting point for IFRS accounting and generating comparable financial reports. It details Ethiopia's roadmap for IFRS adoption by different entity types between 2015-2016. Key requirements of IFRS 1 like preparing an opening IFRS statement of financial position and selecting accounting policies are also summarized.
SEC seeks input on earnings releases and quarterly reportsAzhar Qureshi
The SEC is seeking public comment on potential changes to earnings release and quarterly reporting requirements for public companies. Specifically, the SEC is considering: 1) Allowing companies to satisfy Form 10-Q requirements using information from voluntary earnings releases; 2) Reducing reporting frequency from quarterly to semiannually; and 3) Actions to address concerns that current practices unduly focus companies on short-term results. The SEC seeks input on impacts of these changes on investors and markets.
Preparing for IPO or Acqusition - Best Practices for In-House CounselTodd Alberstone
This document provides an overview of best practices for in-house counsel to prepare a company for an initial public offering (IPO) or acquisition. It recommends beginning preparation 12-18 months in advance by establishing equity award and document organization practices, communication policies, and insurance. Between 6-9 months out, the company should address corporate governance, financial reporting, and potential M&A activity. In the final 2-3 months, the company focuses on drafting registration documents, establishing external communication processes, and organizing due diligence materials. For acquisitions, the document outlines topics such as engaging advisors, evaluating conflicts, ensuring confidentiality, and addressing antitrust and public company issues.
Dear Members
Following the passage of the Companies (Amendment) Bill and LLP (Amendment) Bill by Parliament on 10 March 2017, Senior Minister of State for Law and Finance Indranee Rajah has issued a note (as attached) meant for the business and legal communities. The note highlights that the legislative changes will be a timely boost for Singapore as we seek to enhance our international competitiveness and strengthen Singapore’s standing as a leading financial centre. For further details on the legislative changes and help resources, please refer to ACRA’s website at www.acra.gov.sg/CA_2017.
ACCA
This document provides an introduction to financial statement analysis for small businesses. It discusses the importance of financial statements for business owners and managers. The four main types of financial statements are the income statement, balance sheet, statement of cash flows, and notes to the financial statements. Key terms related to each statement are defined. The document also discusses how financial statement analysis can be used as a management tool to evaluate past performance, diagnose problems, and forecast the future.
1) Zhongmin Baihui Retail Group's stock price rallied over 270% in one year upon listing, but does not react to market forces or the company's financial performance, raising investor caution.
2) The company provides weak disclosures of key retail metrics and had a temporary revenue spike from an asset transfer with questionable terms.
3) The corporate structure involves a lease agreement that effectively pays the CEO, Deputy CEO and a director, questioning corporate governance.
1. This document analyzes Zhongmin Baihui Retail Group Ltd (ZMBH), a Chinese department store operator listed in Singapore, and advises caution in investing in the company.
2. Key issues highlighted include ZMBH's stock price performance that seems disconnected from fundamentals and ignores market swings, weak financial disclosures and erratic performance, and a questionable corporate structure involving related party transactions.
3. Additional research uncovered corporate governance deficiencies, and while recent positive media coverage aimed to portray ZMBH positively, some statements were found to be misleading or lend further evidence to suspicions about the company. Investors are advised to stay away due to the overvalued and potentially manipulated stock, along
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This document provides an overview of PAS 1 on the presentation of financial statements. It discusses the components of a complete set of financial statements, which includes the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. It describes the general features of financial statement presentation, such as fair presentation, going concern assumption, accrual basis, materiality and aggregation, and offsetting. It also discusses the classification of assets and liabilities as current or non-current in the statement of financial position.
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The document discusses key regulatory developments and trends affecting the pharmaceutical industry's financial reporting landscape. It highlights areas of focus for the SEC based on a review of staff comment letters, including revenue recognition, collaboration agreements, acquired IPR&D assets, material patents, and R&D. It also examines common causes of restatements and provides an overview of recent and upcoming actions from standard-setting bodies like the FASB, IASB, and PCAOB.
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The document analyzes the implementation of Poland's restructuring law over 2016-2017. Some key points:
- Around 585 restructuring proceedings were opened, with the number stabilizing at around 80 per quarter after an initial increase.
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- The top locations for proceedings mirrored areas with larger business activity - Warsaw had the most at 13.3%, Silesia had 13.2%, and Greater Poland had 10.6%.
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To promote consistent reporting in these unusual times, the FASB has issued a Proposed Accounting Standards Update (ASU) with guidance on how and when entities should apply a different basis known as the liquidation basis of accounting. This Messenger highlights the proposed guidance and open questions.
The document discusses various financial and tax planning decisions including capital structure decisions, dividend policy, bonus shares, capital gains, bond washing transactions, make or buy decisions, repair/replace decisions, and shutdown or continue decisions. It also discusses tax planning related to amalgamation or demerger of companies, conversion of firms to companies, and conversion of sole proprietorships to companies. Key considerations for various decisions are outlined relating to taxation.
The SEC staff provided guidance on key topics discussed at a recent SEC conference:
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2) On revenue recognition, the SEC commented on significant judgment areas in ASC 606 and encouraged continued improvement of disclosures.
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This document discusses the key duties and obligations of stock exchanges in monitoring listed companies' compliance with SEBI's new Listing Regulations, which come into effect in December 2015. It outlines various disclosure requirements that exchanges will monitor, including timely submission of financial results, shareholding patterns, and material event disclosures. Exchanges will seek clarification from companies in cases of non-compliance or inaccurate/inadequate disclosures and report issues to SEBI. The new regulations mandate electronic filing of all disclosures through exchange platforms for improved monitoring.
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This document provides an overview of regulations regarding delisting of shares by the Securities and Exchange Board of India (SEBI). It discusses the history and meaning of delisting, requirements for listing on a stock exchange, and issues that remained unresolved in previous delisting guidelines. The main chapters cover voluntary delisting, regulations for delisting, conditions for delisting, and consequences of compulsory delisting. It aims to explain SEBI's delisting regulations and identify outstanding questions and areas for further clarification.
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Dear Members
Following the passage of the Companies (Amendment) Bill and LLP (Amendment) Bill by Parliament on 10 March 2017, Senior Minister of State for Law and Finance Indranee Rajah has issued a note (as attached) meant for the business and legal communities. The note highlights that the legislative changes will be a timely boost for Singapore as we seek to enhance our international competitiveness and strengthen Singapore’s standing as a leading financial centre. For further details on the legislative changes and help resources, please refer to ACRA’s website at www.acra.gov.sg/CA_2017.
ACCA
This document provides an introduction to financial statement analysis for small businesses. It discusses the importance of financial statements for business owners and managers. The four main types of financial statements are the income statement, balance sheet, statement of cash flows, and notes to the financial statements. Key terms related to each statement are defined. The document also discusses how financial statement analysis can be used as a management tool to evaluate past performance, diagnose problems, and forecast the future.
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1) Zhongmin Baihui Retail Group's stock price rallied over 270% in one year upon listing, but does not react to market forces or the company's financial performance, raising investor caution.
2) The company provides weak disclosures of key retail metrics and had a temporary revenue spike from an asset transfer with questionable terms.
3) The corporate structure involves a lease agreement that effectively pays the CEO, Deputy CEO and a director, questioning corporate governance.
1. This document analyzes Zhongmin Baihui Retail Group Ltd (ZMBH), a Chinese department store operator listed in Singapore, and advises caution in investing in the company.
2. Key issues highlighted include ZMBH's stock price performance that seems disconnected from fundamentals and ignores market swings, weak financial disclosures and erratic performance, and a questionable corporate structure involving related party transactions.
3. Additional research uncovered corporate governance deficiencies, and while recent positive media coverage aimed to portray ZMBH positively, some statements were found to be misleading or lend further evidence to suspicions about the company. Investors are advised to stay away due to the overvalued and potentially manipulated stock, along
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HKEx Prolonged Suspension Status Report (30 Mar 2015)
1. (Posted on 2 April 2015)
MONTHLY PROLONGED SUSPENSION STATUS REPORT (MAIN BOARD)
(as at 31 March 2015)
This report summarizes the status of companies which have been suspended for three months or more.
Suspension and resumption criteria under the Rules
The Exchange is the front line regulator of listed companies and has an obligation to maintain a fair, orderly and efficient
market for the trading of securities. It may, for the maintenance of an orderly market or the protection of investors, suspend
trading in any securities. Where there are concerns about investor protection, the Exchange may require companies to
address these specific concerns before granting resumption of trading1
.
In the interests of promoting a continuous market for the trading of listed securities, the period of suspension should be kept
as short as possible. Resumption of trading normally takes place after the publication of information, and where applicable,
fulfillments of conditions imposed by the Exchange2
.
For easy reference, this report categorizes the companies as below based on their outstanding issues and the Listing Rules
requirements.
a) Companies that are in severe financial difficulties and/or have ceased to maintain sufficient operations and are in
delisting procedure (PN 17 companies);
b) Companies which have identified irregularities and/or are under regulatory investigation;
c) Companies which have failed to publish financial results and/or identified material internal control weaknesses; and
d) Others, including companies that have yet to publish material information, or have public float issues.
Disclosure of information by companies
A suspended company is still obliged to disclose i) inside information required under the Securities and Futures Ordinance,
and ii) all information required to be disclosed by listed companies under the Listing Rules (e.g. financial results, notifiable
and connected transactions). In addition, it must make periodic announcements of its developments.
The table below presents a status summary of the long-suspended companies based on their published announcements,
including conditions for resumption, major developments and outstanding issues. The Exchange may modify or impose
further resumption conditions subject to developments.
For details please refer to the companies’ announcements available on the HKEx news website at www.hkexnews.hk.
A. PN 17 companies:
These companies are in severe financial difficulties and/or have either ceased to operate their businesses or are carrying
on minimal operations. Under the Listing Rules, they enter into a three-stage delisting procedure3
of a minimum of six
months each, during which they may submit proposals for the resumption of trading for the Exchange’s approval. The
companies may submit resumption proposals at any time during the delisting stages. Upon the expiry of each stage and
in the absence of a viable proposal, the Exchange will place the company into the next delisting stage or if it is in the
final stage, cancel its listing. The companies may seek a review of the Exchange’s decision to place them into the next
delisting stage or to delist them4
.
No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
1 First Mobile Group
Holdings Limited (865)
27-Nov-09 ▪Demonstrate sufficient
operations / assets
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal controls
▪3rd
delisting stage expired in Dec
2012
▪Resumption proposal constituted
a reverse takeover subject to
new listing requirements
▪New listing application
submitted in Oct 2014
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Fulfill new listing
requirements
1
Please see also the Exchange’s article Overview of Policy on Share Trading Suspension available at
http://www.hkex.com.hk/eng/newsconsul/newsltr/2004/documents/2004-07-02-e.pdf for details about circumstances for suspension.
2
For details of the requirements for resumption, please refer to the Exchange’s guidance letter
http://www.hkex.com.hk/eng/rulesreg/listrules/listguid/Documents/gl66-13.pdf
3
The procedure is set out in Practice Note 17 to the Rules.
4
See Chapter 2B of the Rules on Review Procedure.
2. No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
Hyperlink:
Announcement dated 20 Jun
2012
Hyperlinks:
Announcement dated 22 Aug
2014
Announcement dated 31 Oct
2014
2 Proview International
Holdings Limited (334)
2-Aug-10 ▪Demonstrate sufficient
operations / assets
▪Address issue on material
dilution to existing
shareholders
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal control system
Hyperlink:
Announcement dated 1 Feb
2013
▪3rd
delisting stage expired in Jun
2012
▪Resumption proposal constituted
a reverse takeover subject to
new listing requirements
▪Approval-in-principle to the new
listing application granted in Jun
2014
▪Outstanding results published
▪Resumption proposal was
approved at the shareholders’
meeting on 11 Mar 2015
Hyperlinks:
Announcement dated 30 Jun 2014
Announcement dated 25 Feb
2015
Announcement dated 11 Mar
2015
▪Implement resumption
proposal
3 The Grande Holdings
Limited (In Liquidation)
(186)
30-May-11 ▪Demonstrate sufficient
operations / assets
▪Demonstrate sufficient
working capital
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal control system
▪Withdraw winding up
petition and discharge
liquidators
Hyperlink:
Announcement dated 11 Jul
2013
▪3rd
delisting stage expired in Jan
2014
▪Outstanding results published
▪Revised resumption proposal
submitted
Hyperlinks:
Announcement dated 30 Sep
2014
Announcement dated 31 Dec
2014
▪Demonstrate sufficient
operations / assets
▪Demonstrate sufficient
working capital
▪Address auditors’ concerns
▪Demonstrate adequate internal
control system
▪Withdraw winding up petition
and discharge liquidators
4 Titan Petrochemicals
Group Limited
(Provisional Liquidators
Appointed) (1192)
19-Jun-12 ▪Demonstrate sufficient
operations / assets
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Withdraw winding up
petition and discharge
provisional liquidators
Hyperlink:
Announcement dated 26 Nov
2013
▪2nd
delisting stage expired in
May 2014
▪Resumption proposal submitted
in May 2014
▪Outstanding results published
▪Trading resumption
conditionally approved
Hyperlinks:
Announcement dated 30 May
2014
Announcement dated 29 Aug
2014
Announcement dated 2 Dec 2014
▪Implement resumption
proposal
5 DBA Telecommunication
(Asia) Holdings Limited
(3335)
6-Jun-13 ▪Publish outstanding
financial results and address
auditors’ concerns
▪Demonstrate sufficient
operations / assets
▪Demonstrate adequate
internal control system
Hyperlinks:
Announcement dated 26 Sep
2013
Announcement dated 20 Jan
2015
▪In 1st
delisting stage (expiring in
Jul 2015)
Hyperlink:
Announcement dated 20 Jan 2015
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Demonstrate sufficient
operations / assets
▪Demonstrate adequate internal
control system
6 China Solar Energy
Holdings Limited (155)
16-Aug-13 ▪Demonstrate sufficient
operations / assets
▪Investigate the allegations in
complaints
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal control system
▪In 1st
delisting stage (expiring in
Jul 2015)
▪Phase one investigation
completed and findings
announced in Feb 2015
▪Demonstrate sufficient
operations / assets
▪Investigate allegations in
complaints
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Demonstrate adequate internal
control system
3. No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
Hyperlink:
Announcement dated 6 Jan
2015
Hyperlinks:
Announcement dated 6 Jan 2015
Announcement dated 17 Feb
2015
7 China Lumena New
Materials Corp. (In
Provisional Liquidation)
(67)
25-Mar-14 ▪Address the alleged
irregularities and inform
market of material
information
▪Demonstrate sufficient
operations / assets
▪Publish outstanding
financial results and address
auditors’ concerns
▪Demonstrate adequate
internal control system
▪Withdraw winding up
petition and discharge
liquidators
Hyperlink:
Announcement dated 26 Nov
2014
Announcement dated 16 Mar
2015
▪In 1st
delisting stage (expiring in
Sep 2015)
▪Initial responses to the alleged
irregularities published in Apr
2014
Hyperlinks:
Announcement dated 3 Apr 2014
Announcement dated 16 Mar
2015
▪Address the alleged
irregularities and inform
market of material
information
▪Demonstrate sufficient
operations / assets
▪Publish outstanding financial
results and address auditors’
concerns
▪Demonstrate adequate internal
control system
▪Withdraw winding up
petition and discharge
liquidators
8 Z-Obee Holdings Limited
(Provisional Liquidators
Appointed) (948)
27-Jun-14 ▪Demonstrate sufficient
operations / assets
▪Withdraw winding up
petition and discharge
provisional liquidators
▪Publish outstanding
financial results and address
any auditors’ concerns
Hyperlink:
Announcement dated 26 Jan
2015
▪In 2nd
delisting stage (expiring in
Jul 2015)
Hyperlink:
Announcement dated 26 Jan 2015
▪Demonstrate sufficient
operations / assets
▪Withdraw winding up petition
and discharge provisional
liquidators
▪Publish outstanding financial
results and address any
auditors’ concerns
9 China Agrotech Holdings
Limited (In Liquidation)
(1073)
18-Sep-14 ▪Demonstrate sufficient
operations / assets
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Withdraw winding up
petition and discharge
provisional liquidators
Hyperlink:
Announcement dated 25 Feb
2015
▪In 1st
delisting stage (expiring in
Aug 2015)
Hyperlink:
Announcement dated 25 Feb
2015
▪Demonstrate sufficient
operations / assets
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Withdraw winding up petition
and discharge provisional
liquidators
B. Companies with identified irregularities and/or regulatory investigations:
These companies have identified irregularities. Some of these companies are also under investigations by regulatory or
law enforcement bodies. If the Exchange identifies potential violations of laws and regulations by the company or its
management, it will refer the matters to the relevant regulatory authorities5
.
Generally, the company may apply for resumption once the matter giving rise to the suspension is addressed and
announced to the market. The resumption proposal generally needs to address the following:
(a) Where accounting irregularities or possible fraudulent activities are identified, the board would generally form
an independent committee to review the issues, conduct an investigation and, where possible, take remedial
actions. A number of these companies have engaged forensic accountants to investigate the issues and address
regulatory concerns arising from them. In most cases these companies would be investigated by regulatory or
law enforcement bodies.
(b) Where the media reports investigations by regulatory authorities, the company would need to assess the
implications to its operations and whether its public disclosure remains materially accurate. For example, if a
5
For example, if a company’s business or affairs may have been conducted in a manner which is unfairly prejudicial to shareholders, the Exchange will
refer the case to the Securities and Futures Commission. Under the Securities and Futures Ordinance, the Commission may take certain legal actions to
protect shareholders.
4. company relied on false documents in the course of a material acquisition, they should appoint an independent
committee to review the matter and address any issue about overstatement of assets.
(c) Where issues giving rise to suspension involve management and directors’ integrity, the Exchange must be
satisfied that the directors meet the required levels of skill, care and diligence; can act honestly and in good
faith in the interest of the company as a whole; and act for proper purpose6
.
The Listing Rules do not specify a delisting procedure for these companies. If the management is unwilling to take
action to resolve issues, or where the possible fraudulent activities are the acts of management/controlling shareholder,
the Exchange may continue suspension or delist the company. Under the Rules, the Exchange may delist a company if
it is no longer suitable for listing7
or if suspension continues for a prolonged period without the company taking
adequate action to obtain restoration of listing8
. In making these determinations, the Exchange will have regard to the
interests of shareholders and the investing public.
No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
1 Natural Dairy (NZ)
Holdings Limited (462)
7-Sep-10 ▪Inform market of material
information on ICAC’s
charges against company’s
shareholder and
management related to an
acquisition of dairy farms
▪Address matters related to
the acquisition of dairy
farms and placing of
convertible notes
▪Demonstrate adequate
internal control system
▪Demonstrate directors
satisfy the levels of skill,
care, experience and
integrity, etc, required by
Listing Rules
▪Perform due diligence on
the uncompleted
transactions related to the
acquisition of dairy farms
Hyperlinks:
Announcement dated 22 Jul
2011
Announcement dated 26 Mar
2014
Announcement dated 22 Sep
2014
▪Announcement on ICAC’s
charges published on 1 Nov
2012
▪Further resumption conditions
imposed in Feb 2014 and
modified in Sep 2014
Hyperlinks:
Announcement dated 1 Nov 2012
Announcement dated 26 Mar
2014
Announcement dated 22 Sep
2014
▪Address matters related to the
acquisition of dairy farms and
placing of convertible notes
▪Demonstrate adequate internal
control system
▪Demonstrate directors satisfy
the levels of skill, care,
experience and integrity, etc,
required by Listing Rules
▪Perform due diligence on the
uncompleted transactions
related to the acquisition of
dairy farms
2 China Forestry Holdings
Co., Ltd. (930)
26-Jan-11 ▪Conduct forensic
investigation to address
issues raised by auditors
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Demonstrate adequate
internal control system
Hyperlink:
Announcement dated 29 Apr
2011
▪Forensic investigation
completed and findings
announced in Apr 2012
Hyperlinks:
Announcement dated 27 Apr
2012
▪Address issues arisen from
forensic investigation findings
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Demonstrate adequate internal
control system
3 Qunxing Paper
Holdings Company
Limited (3868)
(Interim Receivers and
Managers Appointed)
30-Mar-11 ▪Approval of resumption by
Securities and Futures
Commission (SFC)
▪Conduct forensic
investigation to address
potential irregularities
identified by auditors
▪Publish outstanding financial
results and address any
auditors’ concerns
Hyperlinks:
Announcement dated 2 Nov
2011
▪Forensic investigation
completed and findings
announced in Apr and Jul 2013
▪SFC commenced legal
proceedings against the
company and directed the
Exchange to suspend the
company's shares trading
▪Interim receivers and managers
appointed in Mar 2014
Hyperlinks:
Announcement dated 22 Apr
2013
Announcement dated 17 Jul 2013
▪Awaiting SFC’s direction
▪Publish outstanding financial
results and address any
auditors’ concerns
6
Rules 3.08 and 3.09
7
Rules 6.01 and 6.10
8
Rule 6.04
5. No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
Announcement dated 20 Dec
2013
Announcement dated 24 Dec
2013
Announcement dated 17 Sep
2014
4 Real Gold Mining
Limited (246)
27-May-11 ▪Conduct forensic
investigation to address
reported potential
irregularities
▪Inform market of material
information
▪Publish outstanding
financial results and address
any auditors' concerns
▪Demonstrate adequate
internal control system
Hyperlink:
Announcement dated 30 Mar
2012
▪Forensic investigation
completed and findings
announced in Apr and Jun 2014
▪Outstanding results expected to
be published in Oct 2015
Hyperlinks:
Announcement dated 25 Apr
2014
Announcement dated 19 Jun 2014
Announcement dated 31 Mar
2015
▪Address issues arisen from
forensic investigation findings
▪Publish outstanding financial
results and address any
auditors' concerns
▪Demonstrate adequate internal
control system
5 BEL Global Resources
Holdings Limited (761)
4-Jul-11 ▪Investigate a previous
transaction and inform
market of material
information
▪Demonstrate directors
satisfying the levels of skill,
care, experience and
integrity, etc, required by
Listing Rules
▪Publish outstanding
financial results and address
any auditors' concerns
▪Demonstrate adequate
internal control system
Hyperlinks:
Announcement dated 22 Dec
2011
Announcement dated 4 Dec
2014
▪Forensic investigation
completed and reported to a law
enforcement agency in Oct 2013
▪Further resumption conditions
imposed in Nov 2014
▪Major findings of forensic
investigation announced in Mar
2015
Hyperlinks:
Announcement dated 4 Oct 2013
Announcement dated 4 Dec 2013
Announcement dated 4 Dec 2014
Announcement dated 12 Mar
2015
▪Investigate a previous
transaction and inform market
of material information
▪Demonstrate directors
satisfying the levels of skill,
care, experience and integrity,
etc, required by Listing Rules
▪Publish outstanding financial
results and address any
auditors' concerns
▪Demonstrate adequate internal
control system
6 Zhongda International
Holdings Limited (909)
5-Sep-11 ▪Investigate the suspected
misuse of funds by
directors and inform market
of material information
▪Demonstrate directors
satisfying the levels of skill,
care, experience and
integrity, etc, required by
Listing Rules
▪Publish outstanding
financial results and address
any auditors' concerns
▪Demonstrate adequate
internal control system
Hyperlink:
Announcement dated 1 Nov
2012
▪Outstanding results published
▪Internal control review
completed and is preparing the
report
Hyperlinks:
Announcement dated 27 Feb
2015
Announcement dated 31 Mar
2015
▪Investigate the suspected
misuse of funds by directors
and inform market of material
information
▪Demonstrate directors
satisfying the levels of skill,
care, experience and integrity,
etc, required by Listing Rules
▪Address any auditors'
concerns
▪Demonstrate adequate internal
control system
7 Boshiwa International
Holdings Limited
(Provisional Liquidators
Appointed) (1698)
15-Mar-12 ▪Conduct forensic
investigation to address
issues raised by auditors
▪Demonstrate directors
satisfying the levels of skill,
care, experience and
integrity, etc, required by
Listing Rules
▪Inform market of material
information
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal control system
Hyperlink:
Announcement dated 7 Nov
2012
▪Forensic investigation
completed and findings
announced in Apr 2013
▪Winding up petition issued and
provisional liquidators
appointed in Feb 2015
Hyperlinks:
Announcement dated 26 Apr
2013
Announcement dated 16 Feb
2015
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Demonstrate adequate internal
control system
6. No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
8 Daqing Dairy Holdings
Limited (1007)
22 Mar-12 ▪Conduct forensic
investigation to address
issues raised by auditors
▪Inform market of material
information
▪Demonstrate directors
satisfying the levels of skill,
care, experience and
integrity, etc, required by
Listing Rules
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal control system
Hyperlink:
Announcement dated 9 Nov
2012
▪Forensic accountant engaged in
Nov 2013
Hyperlink:
Announcement dated 6 Nov 2013
▪Conduct forensic
investigation to address issues
raised by auditors
▪Inform market of material
information
▪Demonstrate directors
satisfying the levels of skill,
care, experience and integrity,
etc, required by Listing Rules
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Demonstrate adequate internal
control system
9 Trony Solar Holdings
Company Limited
(2468)
21-Jun-12 ▪Conduct forensic
investigation to address
potential irregularities
identified by company
▪Inform market of material
information
▪Publish outstanding
financial results and address
any auditors' concerns
▪Demonstrate adequate
internal control system
Hyperlink:
Announcement dated 11 Oct
2012
▪Forensic investigation
completed and findings
announced in Dec 2014
▪Outstanding results expected to
be published in Sept 2015
Hyperlinks:
Announcement dated 12 Dec
2014
Announcement dated 18 Feb
2015
▪Address issues arisen from
forensic investigation findings
▪Publish outstanding financial
results and address any
auditors' concerns
▪Demonstrate adequate internal
control system
10 China High Precision
Automation Group
Limited (591)
22-Aug-12 ▪Approval of resumption by
Securities and Futures
Commission (SFC)
Hyperlink:
Announcement dated 22 Aug
2012
▪SFC directed the Exchange to
suspend the company's shares
trading
Hyperlink:
Announcement dated 22 Aug
2012
▪Awaiting SFC’s direction
11 China Metal Recycling
(Holdings) Limited
(Provisional Liquidators
Appointed) (773)
28-Jan-13 ▪Conduct forensic
investigation to address
allegations in a research
report
▪Publish outstanding
financial results and address
any auditors’ concerns
Hyperlink:
Announcement dated 28 Mar
2013
▪Winding up order issued against
the company in Feb 2015
Hyperlink:
Announcement dated 2 Mar 2015
▪Pending outcome of winding
up order
▪Conduct forensic
investigation to address
allegations in a research
report
▪Publish outstanding financial
results and address any
auditors’ concerns
12 Sijia Group Company
Limited (1863)
14-Feb-13 ▪Approval of resumption by
Securities and Futures
Commission (SFC)
▪Inform market of material
information
▪Publish outstanding
financial results and address
any auditors’ concerns
Hyperlinks:
Announcement dated 13 Jun
2014
Announcement dated 4 Dec
2014
▪Independent investigation
completed and findings
announced in Jun 2013
▪Outstanding results published
▪SFC directed the Exchange to
suspend the company's shares
trading
Hyperlinks:
Announcement dated 21 Jun 2013
Announcement dated 13 Jun 2014
Announcement dated 28 Aug
2014
▪Awaiting SFC’s direction
▪Address auditors’ concerns
13 Dynasty Fine Wines
Group Ltd. (828)
22-Mar-13 ▪Publish internal
investigation findings and
address any identified
issues
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Internal investigation and audit
expected to be completed in Apr
2015
Hyperlink:
Announcement dated 31 Mar
2015
▪Publish internal investigation
findings and address any
identified issues
▪Publish outstanding financial
results and address any
auditors’ concerns
7. No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
Hyperlink:
Announcement dated 8 Oct
2013
14 Han Tang International
Holdings Limited
(formerly known as
Pearl River Tyre
(Holdings) Ltd.) (1187)
1-Apr-14 ▪Publish forensic review
findings and address any
identified issues
▪Demonstrate sufficient
operations / assets
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal control system
Hyperlink:
Announcement dated 11 Sep
2014
▪Forensic investigation
completed and findings
announced in Sep 2014
▪Internal control review
completed in Nov 2014
▪Outstanding results published
Hyperlinks:
Announcement dated 15 Sep
2014
Announcement dated 11 Nov
2014
Announcement dated 13 Nov
2014
▪Address issues arisen from
forensic investigation findings
▪Demonstrate sufficient
operations / assets
▪Address auditors’ concerns
▪Demonstrate adequate internal
control system
15 Dejin Resources Group
Company Limited
(1163)
16-May-14 ▪Verify the genuineness of
the alleged contract,
settlement agreement and
arbitral award of its major
subsidiary and assess their
implication to its financial
and operation position
▪Demonstrate that the
company is able to appraise
its major subsidiary’s
position and to effectively
report on its inside/material
information
▪Inform market of material
information
Hyperlink:
Announcement dated 11 Jul
2014
▪Independent adviser appointed
in Jul 2014
▪Key findings of interim
investigation report announced
in Sep 2014
Hyperlinks:
Announcement dated 28 Jul 2014
Announcement dated 29 Sep
2014
▪Verify the genuineness of the
alleged contract, settlement
agreement and arbitral award
of its major subsidiary and
assess their implication to its
financial and operation
position
▪Demonstrate that the company
is able to appraise its major
subsidiary’s position and to
effectively report on its
inside/material information
▪Inform market of material
information
16 Fujian Nuoqi Co., Ltd.
(1353)
23-Jul-14 ▪Demonstrate sufficient
operations / assets
▪Conduct forensic
investigation to address
reported potential
irregularities
▪Demonstrate directors
satisfying the levels of skill,
care, experience and
integrity, etc, required by
Listing Rules
▪Inform market of material
information
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal control system
Hyperlink:
Announcement dated 14 Nov
2014
▪Potential irregularities
announced
▪Financial adviser appointed in
Sep 2014 to formulate
restructuring proposal
Hyperlinks:
Announcement dated 24 Oct
2014
Announcement dated 28 Nov
2014
▪Demonstrate sufficient
operations / assets
▪Conduct forensic
investigation to address
reported potential
irregularities
▪Demonstrate directors
satisfying the levels of skill,
care, experience and integrity,
etc, required by Listing Rules
▪Inform market of material
information
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Demonstrate adequate internal
control system
17 NVC Lighting Holding
Limited (2222)
11-Aug-14 ▪Address the identified
irregularities and inform
market of their impact
▪Demonstrate adequate
internal control system
▪Publish forensic review
findings and address any
identified issues
▪Inform market of material
information
Hyperlink:
Announcement dated 21 Jan
2015
▪Forensic accountant engaged in
Jan 2015
▪Forensic investigation and internal
control review expected to be
completed in Mar 2015
Hyperlinks:
Announcement dated 21 Jan 2015
Announcement dated 17 Mar
2015
▪Address the identified
irregularities and inform the
market of their impact
▪Demonstrate adequate internal
control system
▪Publish forensic review
findings and address any
identified issues
▪Inform market of material
information
18 Birmingham
International Holdings
Limited (Receivers
Appointed) (2309)
4-Dec-14 ▪Investigate the suspected
misappropriation of funds
and address the identified
issues
▪Receivers appointed in Feb 2015 ▪Investigate the suspected
misappropriation of funds and
address the identified issues
▪Publish outstanding financial
8. No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal control system
▪Demonstrate sufficient
working capital
▪Address the allegations in
complaints and inform
market of material
information
Hyperlink:
Announcement dated 18 Feb
2015
Hyperlink:
Announcement dated 18 Feb
2015
results and address any
auditors’ concerns
▪Demonstrate adequate internal
control system
▪Demonstrate sufficient
working capital
▪Address the allegations in
complaints and inform market
of material information
19 PanAsialum Holdings
Company Limited
(2078)
17-Dec-14 ▪Investigate the issues raised
by auditors and address any
identified issues
▪Publish outstanding
financial results and address
any auditors’ concerns
▪Demonstrate adequate
internal control system
▪Inform market of material
information
Hyperlink:
Announcement dated 17 Mar
2015
▪Independent committee
established in Dec 2014
Hyperlink:
Announcement dated 19 Dec
2014
▪Investigate the issues raised
by auditors and address any
identified issues
▪Publish outstanding financial
results and address any
auditors’ concerns
▪Demonstrate adequate internal
control system
▪Inform market of material
information
C. Company which have failed to publish financial results and/or identified material internal control weaknesses:
These are companies which have failed to publish financial results required by the Rules and/or identified significant
internal control weaknesses. To resume trading, they must publish all outstanding results, address audit qualifications,
and rectify material internal control deficiencies.
The Rules do not specify a delisting procedure for these companies. Under the Rules, the Exchange may delist a
company if it is no longer suitable for listing9
or if suspension continues for a prolonged period without the company
taking adequate action to obtain restoration of listing10
. In making these determinations, the Exchange will have regard
to the interests of shareholders and the investing public.
No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
1 China Billion Resources
Limited (274)
29-Jun-11 ▪Inform market of material
information
▪Demonstrate adequate
internal control system
▪Publish outstanding
financial results and address
any auditors’ concerns
Hyperlink:
Announcement dated 10 Apr
2012
▪Internal control review expected
to be completed in Mar 2015
▪Outstanding results expected to
be published in Apr 2015
Hyperlinks:
Announcement dated 23 Mar
2015
▪Demonstrate adequate internal
control system
▪Publish outstanding financial
results and address any
auditors’ concerns
2 Mayer Holdings
Limited (1116)
9-Jan-12 ▪Inform market of material
information
▪Publish outstanding
financial results and address
any auditors’ concerns
Hyperlink:
Announcement dated 22 Nov
2012
▪Substantial change of board
members in Oct 2014
Hyperlink:
Announcement dated 9 Oct 2014
▪Inform market of material
information
▪Publish outstanding financial
results and address any
auditors’ concerns
9
Rules 6.01 and 6.10
10
Rule 6.04
9. No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
3 Siberian Mining Group
Company Limited
(1142)
22-Apr-13 ▪Investigate a past
acquisition and address any
identified issues
▪Inform market of material
information
▪Publish outstanding
financial results and address
any auditors’ concerns
Hyperlink:
Announcement dated 4 Oct
2013
Announcement dated 10 Jul
2014
▪Further resumption conditions
imposed in Jul 2014
Hyperlink:
Announcement dated 10 Jul 2014
▪Investigate a past acquisition
and address any identified
issues
▪Inform market of material
information
▪Publish outstanding financial
results and address any
auditors’ concerns
4 Flyke International
Holdings Ltd (1998)
31-Mar-14 ▪Publish investigation
findings
▪Publish outstanding
financial results and address
auditors’ concerns
▪Demonstrate adequate
internal control system
Hyperlinks:
Announcement dated 29 Sep
2014
▪Investigation completed and
findings announced in Jan 2015
Hyperlink:
Announcement dated 28 Jan
2015
▪Address issues arisen from
investigation findings
▪Publish outstanding financial
results and address auditors’
concerns
▪Demonstrate adequate internal
control system
5 Golden Shield Holdings
(Industrial) Limited
(2123)
1-Apr-14 ▪Publish outstanding
financial results and address
any auditors’ concerns
Hyperlink:
Announcement dated 31
Mar 2014
▪Winding up petition issued
against the Company in Oct
2014
Hyperlink:
Announcement dated 7 Jan 2015
▪Publish outstanding financial
results and address any
auditors’ concerns
D. Others:
These companies are suspended from trading under other specific provisions of the Listing Rules, for example, the
company has yet to publish material information or has insufficient public float.
The Rules do not specify a delisting procedure for these companies. Under the Rules, the Exchange may delist a
company if it is no longer suitable for listing11
or if suspension continues for a prolonged period without the company
taking adequate action to obtain restoration of listing12
. In making these determinations, the Exchange will have regard
to the interests of shareholders and the investing public.
11
Rules 6.01 and 6.10
12
Rule 6.04
No. Long suspended
Main Board
companies
Date of
suspension
Resumption conditions /
Major issues to be
addressed
Major developments based on
company’s announcements
Outstanding issues
1 SCMP Group Limited
(583)
26-Feb-13 ▪Restore public float
Hyperlink:
Announcement dated 25 Feb
2013
▪Company is exploring
alternatives to restore public
float
Hyperlink:
Announcement dated 9 Jan 2015
▪Restore public float
2 China Oriental Group
Company Limited (581)
29-Apr-14 ▪Restore public float
Hyperlink:
Announcement dated 5 May
2014
▪Two major shareholders are in
discussion of possible solutions
in resolving the public float
issue
Hyperlink:
Announcement dated 13 Feb
2015
▪Restore public float
10. 3 Superb Summit
International Group
Limited (1228)
20-Nov-14 ▪Address the allegations in
an analyst report and
inform market of material
information
Hyperlink:
Announcement dated 20 Nov
2014
▪Announcement under
preparation
Hyperlink:
Announcement dated 13 Jan 2015
▪Address the allegations in an
analyst report and inform
market of material
information
4 China Jiuhao Health
Industry Corporation
Limited (419)
12-Dec-14 ▪Publish announcement in
relation to a very
substantial disposal
Hyperlink:
Announcement dated 12 Dec
2014
▪Announcement under
preparation
▪Publish announcement in
relation to a very substantial
disposal
5 Eternity Investment
Limited (764)
12-Dec-14 ▪Publish announcements in
relation to very substantial
acquisitions and a major
transaction
Hyperlink:
Announcement dated 12 Dec
2014
▪Announcement under
preparation
Hyperlink:
Announcement dated 24 Feb
2015
▪Publish announcements in
relation to very substantial
acquisitions and a major
transaction