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香港聯合交易所有限公司
(香港交易及結算所有限公司全資附屬公司)
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)

 

ANNOUNCEMENT

In relation to the matter of

Flyke International Holdings Limited (the “Company”)
(the “Company” and, together with its subsidiaries, the “Group”)
(Stock code: 1998)

Proceeding to third stage of delisting procedures
   

 
Trading in the Company’s shares has been suspended since 31 March 2014 due to the Company’s failure to publish the annual result announcement for the year ended 31 December 2013.  There were a number of outstanding audit issues identified by its former auditors (the Audit Issues).

In April and May 2015, the Company announced that it had identified RMB374 million discrepancies in bank balances of two major PRC subsidiaries (the PRC Subsidiaries) as at 31 December 2013 (the Bank Discrepancies) between their accounting records and the bank confirmations.

In October 2015, the board of the Company (the Board) appointed RSM Nelson Wheeler Corporate Advisory Limited to conduct a forensic investigation into the Bank Discrepancies and the Audit Issues.  However, in November 2016, the Board concluded that the Company had lost control over PRC Subsidiaries which had also ceased operations.  As a result, the Company could not continue with the forensic investigation.  The Company also failed to maintain sufficient operations or assets under Rule 13.24.

On 25 November 2016, the Listing Department placed the Company into the first delisting stage under Practice Note 17 to the Listing Rules as it was of the view that the Company did not comply with the requirement to have sufficient operations or assets under Rule 13.24.

The Exchange placed the Company into the second delisting stage on 14 November 2018.  The second delisting stage expired on 14 May 2019 and the Company failed to provide a viable resumption proposal.  Therefore, the Exchange has decided to place the Company into the third delisting stage under Practice Note 17 to the Listing Rules.

The Company will have final six months to provide a viable resumption proposal to demonstrate sufficient operations or assets as required under Rule 13.24.

If no viable resumption proposal is received by the end of the third delisting stage (ie 3 January 2020), the Company’s listing will be cancelled.  The Exchange will make a further announcement if the delisting.

 

 

Ends