Zitong Financial App News, China Network Information Technology (08055) issued an announcement that the Stock Exchange has made a decision that the company's business lacks sufficient business operation and valuable assets sufficient to support the operation required by Rule 17.26 of the GEM listing rules to ensure that its shares can continue to be listed, unless the company exercises the right to review the decision in accordance with Chapter 4 of the GEM listing rules. Otherwise, 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.
In reaching the decision, the SEHK has taken into account, among other things, the following:
1. The company has failed to demonstrate the feasibility and sustainability of its business (including web-based education business, database software development business and e-commerce business) or lack of substance; and
two。 The total assets of the company as at 30 June 2021 were HK $128.5 million (mainly including HK $106.8 million in other receivables not related to the company's main business), while the minimum cash balance was HK $2.8 million. The company's assets fail to generate sufficient earnings or profits to ensure that the company can operate a viable and sustainable business. It is also unknown whether and how the company's assets can ensure that the company can significantly improve its operating performance to ensure that it can continue to list.
After careful consideration of the relevant factors relating to the success of the review of the decision, the Company has decided not to exercise its right to review the decision under Chapter 4 of the GEM listing rules. Accordingly, trading in the Company's shares will be suspended on the Stock Exchange from 9: 00 a.m. on 30 December 2021 until further notice.
In view of the decision, the company must re-comply with Rule 17.26 of the GEM listing rules, comply with all 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 resume trading in 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.