[Caihua News] China Network Information Technology (08055.HK) announced that on January 3, 2022, the company received a letter from the Stock Exchange containing the following guidelines relating to the company's resumption of trading, and the company must: (i) prove compliance with section 17.26 of the GEM listing rules; and (ii) inform the market of all important information for the company's shareholders and investors to evaluate the company's status.
The Stock Exchange requires the company to correct the matters that led to the suspension of trading of its securities and fully comply with the GEM listing rules to satisfy the Stock Exchange. As far as this is concerned, the company has the main responsibility to formulate an action plan to resume trading. The Stock Exchange also stated that if the company's circumstances change, it may revise or supplement the guidelines for the resumption of trading.
According to section 9.14A (1) of the GEM listing rules, if trading of shares continues to be suspended for 12 months, the Stock Exchange may cancel the company's listing status. As far as the company is concerned, this 12-month period expires on December 29, 2022. If the company fails to rectify the matters that led to its suspension of trading, fully complies with the GEM listing rules to satisfy the Stock Exchange, and resume trading of its shares before December 29, 2022, the Listing Division will recommend that the GEM Listing Committee initiate cancellation of the company's listing status. According to section 9.15 of the GEM listing rules, the Exchange is also entitled to grant a shorter specific remedy period (if applicable).
The company is taking necessary measures to resolve the issues that led to its suspension of trading and to fully comply with the resumption guidelines, with a view to resuming trading in its shares as soon as practicable.
At the company's request, trading of shares has been suspended on the Stock Exchange since 9:00 a.m. on December 30, 2021, and trading will continue to be suspended until further notice.