The Economic Times News Agency reported on the 15th that Chabaidao (02555) announced the board has noted that the Securities and Futures Commission (SFC) issued a directive on Tuesday (13th) under section 8(1) of the Securities and Futures (Listing on Securities Market) Rules (Cap. 571V of the Laws of Hong Kong), instructing the Hong Kong Stock Exchange to suspend trading of the group's H-shares with effect from 9:00 a.m. on Tuesday. The SFC stated it is concerned that the group's initial public offering may have been manipulated to create a false impression of demand for the shares.
The group indicated it is urgently seeking legal advice regarding the directive and will strive to address and resolve the matters of concern raised by the SFC. It pledged full cooperation with the SFC in handling these matters, and confirmed that its business operations remain normal, with no significant changes in its business operations as of yesterday. The group's shares will remain suspended until further notice. (wh)
The group indicated it is urgently seeking legal advice regarding the directive and will strive to address and resolve the matters of concern raised by the SFC. It pledged full cooperation with the SFC in handling these matters, and confirmed that its business operations remain normal, with no significant changes in its business operations as of yesterday. The group's shares will remain suspended until further notice. (wh)