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PT Narcissus Electric Doomed to Death
Shanghai Stock Exchange (SSE) rejected PT Narcissus Electric's (SSE: 600625) application for a grace period and reported the decision to China Securities Regulatory Commission (CSRC) on Friday.
According to relevant rules announced by CSRC, PT Narcissus Electric will be sentenced to death, that is, termination of listing, by CSRC, and thus become the first company delisted from China's decade-long securities market.
Under the suspension and termination rule issued by China Securities Regulatory Commission (CSRC) on February 24, if a listing-suspended company, or PT company, fails to submit an application for a grace period within 45 days after the initial date of the suspension, or the application for the grace period is not approved by the stock exchange, the CSRC may terminate the listing of the stocks of the company.
On April 10, 2000, SSE and Shenzhen Stock Exchange (SZSE) issued stern warnings to six PT companies, noting these companies will be delisted if their applications for a grace period are turned down after they publishes their annual reports and the stock exchange will no longer provide particular transfer services to their stocks.
Apart from Narcissus Electric, the other five companies are PT Commercial Real Estate (SSE: 600833) PT SAIC Multiple Trading (SSE: 600837), PT Double Deer (SSE: 600633), PT Zhonghao (SZSE: 0015 ) and PT Hongguang (SSE: 600083).
Until now, all these companies, except PT Zhonghao, have published their annual reports for the year 2000 and filed applications to the stock exchange for a grace period. While PT Narcissus Electric met its doom, PT Commercial Real Estate, PT SAIC Multiple Trading, PT Double Deer and PT Hongguang have been suspended from particular transfer services.
According to SSE's listing rule, SSE will make a decision to or not to accept their applications for the grace period in three working days.
It is obvious the result will come out in just a few days as to whether these four companies will follow the heels of PT Narcissus Electric.
Source: Panorama
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