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ST Zhengzhou Baiwen Likely to Become First Delisted Company
Shanghai Stock Exchange (SSE) decided Friday to suspend the listing of the shares of Zhengzhou Baiwen Co., Ltd (600898 SSE) as of March 26. It is reported that this is the first listed company whose listing will be suspended in accordance with the Methods for the Implementation of Suspension and Termination of Listing of Loss-making Listed Companies issued by China Securities Regulatory Commission (CSRC) on February 22.
Related official pointed out that the decision was made on the basis of the Company Law, the Methods issued by CERC and the listing rules of SSE. ��
The annual report of ST Zhengzhou Baiwen for 2000 published on March 20 shows that the company has been in the red for three consecutive years.
The announcement issued by SSE Friday reiterated that a listed company whose listing has been suspended must send application to SSE within 45 days since the start of the suspension of listing for expending the suspension period to one year. Meanwhile, during the period of suspension of listing, the company still has to fulfill relevant obligations of a listed company. SSE will provide share transfer services for investors. If the company wants to resume listing, it must meet the legal listing requirements and be examined and verified to have the capability for sustained operation. Otherwise its listing will be terminated.
Since December 3 last year, when Zhengzhou Baiwen determined its asset restructuring plan, the company has been attracting investors' attention.
Source: Panorama
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