Hong Kong-focused Forex broker CLSA Premium Ltd (HKG:6877) today provided an update on the trading of its shares on the Stock Exchange of Hong Kong.
On 12 May 2023, the company received a letter from the Stock Exchange setting out the following guidance for the resumption of trading in the Shares:
- demonstrate its compliance with Rule 13.24; and
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inform the market of all material information for the Company’s shareholders and investors to appraise the Company’s position.
The Stock Exchange required the company to meet all Resumption Guidance, remedy the substantive issues causing its trading suspension, and fully comply with the Listing Rules to the Stock Exchange’s satisfaction before trading in its securities is allowed to resume. For this purpose, the Company has the primary responsibility to devise its action plan for resumption.
Under Rule 6.01A(1) of the Listing Rules, the Stock Exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months. In the case of the company, the 18-month period expires on 24 October 2024.
If the company fails to remedy the substantive issues causing its trading suspension, fulfill the Resumption Guidance and fully comply with the Listing Rules to the Stock Exchange’s satisfaction and resume trading in its shares by 24 October 2024, the Listing Division will recommend the Listing Committee to proceed with the cancellation of the Company’s listing. Under Rules 6.01 of the Listing Rules, the Stock Exchange also has the right to impose a shorter specific remedial period, where appropriate.
CLSA Premium says it is taking appropriate steps to resolve the issues causing its trading suspension and will seek to resume trading of its shares as soon as possible.
Trading in the Company’s shares on the Stock Exchange has been suspended with effect from 9:00 a.m. on Tuesday, 25 April 2023 and will remain suspended pending fulfilment of the Resumption Guidance and any supplement or modification thereto.
CLSA Premium has recently announced that it will suspend its margin dealing business. The company plans to focus on its healthcare business.
