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(incorporated in Bermuda with limited liability)
(Stock Code: 8202)
THE STOCK EXCHANGE'S NOTICE OF PROCEEDING TO CANCEL
THE COMPANY'S LISTING
This is made by the Company pursuant to Rule 9.17 of the GEM Listing Rules and the inside information provisions under Part XIVA of the SFO.
The Company has received a letter dated 26 July 2019 from the Stock Exchange (the ''Letter''), which serves as a notice pursuant to Rule 9.15 of the GEM Listing Rules, that the Stock Exchange has decided to suspend trading in the Shares under Rule 9.04(3) of the GEM Listing Rules and proceed with cancellation of the Company's listing under Rule 9.14 of the GEM Listing Rules (the ''Decision'').
Pursuant to the Letter, in view of the Decision, the Company is required to re-comply with Rule 17.26 of the GEM Listing Rules and it will have a remedial period of 12 months to recomply with Rule 17.26 of the GEM Listing Rules. If the Company fails to do so by the expiry of the 12-month period (i.e., 25 July 2020), the Stock Exchange will proceed with cancellation of the Company's listing.
Under Rule 4.06(1) of the GEM Listing Rules, the Company has the right to have the Decision referred to the GEM Listing Committee for review. The Company may request that the Decision be reviewed by the GEM Listing Committee on or before 6 August 2019. If the Company does not make any review application by 6 August 2019, trading in the Shares will be suspended from 9:00 a.m. on 7 August 2019. Before that, trading in the Shares will continue. The Company is still in the process of reviewing the Letter and is discussing the same with the Company's legal advisers, and would actively consider lodging a request for the Decision be referred to the GEM Listing Committee for review.
The Directors would remind the Shareholders and potential investors that (i) the Company may or may not proceed with the review by the GEM Listing Committee; and (ii) the outcome of such review is uncertain, if undertaken.
For identification purposes only