Wednesday, October 16, 2019
 
Columnist
Martin Hennecke

Company fears HKEX procedural injustice
 
11/10/2019
 
National United Resources (0254), which was suspended from trading three years ago, said its suspension featured procedural injustice by the Hong Kong Exchanges and Clearing (0388) and will consider a judicial review. In August 2016 the local bourse's listing council suggested stripping NUR of its qualification as a public company. The company, which engages in outdoors media and energy business, was required to suspend trading by the Securities and Futures Commission, and the local boars informed it of the requirements to resuming trading in 2018. The company said it met all the conditions in July, but the stock exchange later included new requirements, which NUR thought should be in another precessing. Without any communication beforehand, the Listing and Regulatory Affairs Division suggested the listing council to delist the company in August. HKEX refused to comment on a single case but pointed out that the new regulation on delisting procedure from 2018 August 1 is an amendment made through extensive market consultation, with a target of forming an efficient delist procedure, and said all the procedures are fair and transparent. NUR chairman Ji Kaiping said he still had confidence in Hong Kong's financial system, believing that this is just a mistake of staff in the local bourse.
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