China Network Information Technology (08055.HK) announced that on December 17, 2021, the Stock Exchange sent a letter to the company on its decision, indicating that the company's business lacked sufficient business operations and valuable assets sufficient to support the operation required by Rule 17.26 of the GEM listing rules to ensure that its shares could continue to be listed. Trading in the Company's shares will be suspended on December 30, 2021 in accordance with Rule 9.04 (3) of the GEM listing rules. According to the letter, the company must re-comply with Rule 17.26 of the GEM listing rules, comply with any resumption guidelines that may be formulated by the Stock Exchange and fully comply with the GEM listing rules to the satisfaction of the Stock Exchange in order to restore the listing status of the company's shares. In accordance with Rule 9.14A (1) of the GEM listing rules, the SEHK may revoke the listing status of the company's shares if trading is suspended for 12 consecutive months.
In accordance with Rule 4.06 (1) of the GEM listing rules, the company has the right to request the GEM listing Committee to review the decision within 7 business days (i.e. on or before 29 December 2021) from the date of receipt of the decision. The company is consulting its professional advisers and will actively consider requesting that the decision be referred to the GEM listing Committee for review. The company's shares will continue to be traded before deciding whether to request a review of the decision. Shareholders and potential investors are reminded that the company has not yet decided whether to request a review of the decision and that the outcome of the review by the GEM listing Committee, if so, is unknown.
In due course, the company will issue a separate announcement in accordance with the provisions of the GEM listing rules. If shareholders have any questions about the meaning of the decision, please seek appropriate professional advice.