The influence of Bao Fan, the founder, chairman and controlling shareholder of Huaxing Capital, is still affecting, and Huaxing Capital Holdings is facing the risk of being “delisted” by the Hong Kong Stock Exchange.
The Paper reported that Huaxing Capital recently issued an announcement saying that it had received a letter from the Hong Kong Stock Exchange, reminding that if Huaxing Capital failed to correct the problems that led to its suspension within 18 consecutive months of suspension, fulfill the resumption guidelines and fully comply with the listing rules so that Hong Kong The stock exchange was satisfied and failed to resume stock trading. The listing department of the Hong Kong Stock Exchange will recommend that the Listing Committee proceed to cancel the company’s listing qualification.
Huaxing Capital will suspend trading on April 3, which means that the 18-month period will expire on October 2, 2024.
Bao Fan is a well-known bigwig in the investment circle. He was famous for participating in the merger of Didi and Kuaidi, Meituan and Dianping, 58.com and Ganji.com. However, on the evening of February 26, Huaxing Capital issued an announcement saying that since February 16, the company has been trying to contact and confirm Bao Fan’s situation. The board of directors has been informed that Bao Fan is currently cooperating with the investigation of relevant Chinese authorities.
Previously, China Renaissance’s auditors were unable to complete the audit work and issue an auditor’s report due to the inability to contact Bao Fan. Therefore, Huaxing Capital issued a suspension report on April 3, and decided to delay the publication of the audited annual performance announcement for the year ending December 31, 2022 and the dispatch of the 2022 annual report; and suspended trading from April 3 until the release of the 2022 annual report. performance so far.
In the letter, the Hong Kong Stock Exchange recorded the guidelines for stock resumption, including publishing all unannounced financial results required by the listing rules and handling any audit revisions; certifying that the company complies with the requirements of Rule 13.24 of the listing rules; and publishing all material information, To enable shareholders of the company and other investors to evaluate the company’s situation.
HKEX stated in the letter that the company must meet all resumption guidelines, correct the problems that led to the suspension, and fully comply with the listing rules to the satisfaction of HKEX before it is allowed to resume trading in securities. If the company’s situation changes, the Hong Kong Stock Exchange may revise or supplement the resumption guidelines.
On May 31, Economic Observer quoted people familiar with the matter as saying that on February 7, 2023, Bao Fan was taken away by the Commission for Discipline Inspection and Supervision for investigation on February 7, 2023, and was detained. After 3 months, the supervisory agency’s detention of Bao Fan will be extended for 3 months from May 7, 2023.
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