HKEX | 1889
The Stock Exchange orders Sanai Health Gp to suspend and delist
An annoucement made by Sanai Health Gp (1889) reveals that the Stock Exchange has considered the company to have failed to maintain a sufficient level of operations or possessed tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated under the Listing Rules to warrant the continued listing of the Shares. The Stock Exchange has therefore decided to suspend trading of the Shares under the Listing Rules and proceed with cancellation of the Company’s listing under the Listing Rules.
Pursuant to documents issued from the Exchange, Sanai is required to re-comply with the Listing Rules, and given a remedial period of 18 months to do so. If the Company fails to do so within the 18-month period, the Stock Exchange will proceed with cancellation of the Company’s listing. According to the Listing Rules, the company has the right to appeal for the suspending decision to be reviewed by the Listing Committee within 7 business days from the receipt of the decision. If Sanai does not file any review application by 4 June 2019, trading of the Shares will be suspended from 5 June 2019 on. Normal trading shall continue before the date.
The company is now reviewing and considering the decision internally and with external advisers, and is likely to submit a request to the Listing Committee on or before 4 June 2019. The board emphasizes that the company is undergoing a period of transformation. The company has terminated its old business with continued losses, and has sold assets with substantial net liabilities for the interests of the shareholders. The board will use its best effort to improve the group’s overall performance in the future.