The big announcement released by The stock exchange of Hong Kong, they have canceled the shares listing of Qunxing Paper Holdings Company Limited due to the violation of listing rules.
Moreover, Hong Kong exchange wants Qunxing Paper Holdings Company Limited to look after the matters which have rendered violation against exchange policies. If the company failed to resolve the matter exchange can drop it from the board for forever.
Qunxing Paper Holdings Company Limited
(Stock Code: 3868)
Hong Kong Exchange commences the procedure to cancel the listing under the rule no. 6.014. Exchange release
The Exchange arrived at its decision having considered, among others, the following:
(1) The audit issues and the findings of the Securities and Futures Commission resulting in its directed suspension of trading in the Company’s shares (as announced in the Exchange’s notice dated 20 December 2013) and legal proceedings against the Company (as announced on 13 December 2013) (the “SFC Findings”) give rise to serious issues about the accuracy and credibility of the Company’s financial statements or records in material respects; management integrity; and the lack of a sound system of internal controls over its financial, operations and compliance matters to safeguard its assets and protect shareholders’ interests. The Company’s current management has been unable (and does not appear to be taking steps) to resolve these issues despite a prolonged period of suspension.
(2) The Company’s continuing failure to comply with its financial reporting obligations under the Rules deprives shareholders and investors of financial information to appraise the position of the Company. To date, the Company has not published its 2013 annual results and subsequent annual and interim results.
(3) The continuation of trading suspension for a prolonged period due to the Company’s failure to resolve the audit issues and the SFC Findings and publish its outstanding financial statements denies reasonable access to the market and prevents its proper functioning. This deprives shareholders of trading their shares and/or realizing their investments in the market.
(4) The Company has ceased to have sufficient operations or assets as required under Rule 13.24 to warrant its continued listing.