Entire Section

  • Resumption

    • 9.09

      In the interests of a fair and continuous market, the Exchange requires any period of trading halt or suspension to be kept as short as reasonably practicable. In this regard, the issuer must use its reasonable endeavours to obtain all relevant consents (including regulatory consents) necessary to ensure the lifting of such trading halt or suspension.

      Note: The Exchange considers that the continuation of any trading halt or suspension beyond such period as is absolutely necessary denies reasonable access to the market and prevents its proper functioning.

    • 9.10

      The procedure for lifting the trading halt or suspension will depend on the circumstances and the Exchange reserves the right to impose such conditions as it considers appropriate.

    • 9.11

      In the case of a trading halt or suspension pending an announcement of any matter which is or may be inside information, the issuer shall use its reasonable endeavours to issue the announcement before commencement of the next half-day trading session on GEM. If it is not possible, for whatever reason, to issue the announcement within this time scale, the issuer shall, if requested to do so by the Exchange:—

      (1) issue a "holding" announcement on the Exchange’s website, before commencement of the next half-day trading session on GEM; and
      (2) request a resumption of dealings in its securities with effect from commencement of the next half-day trading session on GEM.

      Notes:
      1   Any holding announcement required for the purpose of this rule should be in substantially the following form:—

      "This announcement is made at the request of The Stock Exchange of Hong Kong Limited. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

      The directors of [ ] are aware that there remains outstanding information relating to the Company which is or may be inside information and which it is not practicable to publish at this time.

      An announcement concerning this information will be made in due course, at the soonest practicable opportunity.

      As required under the GEM Listing Rules, the Company has requested the resumption of dealings in its securities with effect from [ ]"

      In the meantime, investors are advised to exercise caution when dealing in the securities of the Company.

      Made by order of the Board of [ ], the directors of which collectively and individually accept responsibility for the accuracy of this announcement."
      2   A holding announcement of the type under Note 1 must be published in accordance with Chapter 16.

    • 9.12

      Under rule 9.01, the Exchange may direct the resumption of dealings in securities. In particular, the Exchange may:—

      (1) without prejudice to rule 9.11, require an issuer to publish an announcement, in such terms and within such period as the Exchange shall, in its discretion, direct, notifying the resumption of dealings in the issuer's securities, following the publication of which the Exchange may direct the resumption of dealings; and/or
      (2) direct a resumption of dealings following the publication of an announcement by the Exchange notifying the resumption of dealings in the securities.

      Note: The Exchange may set out the issuer's submission for continued suspension in the Exchange's announcement referred to in (2) above.

    • 9.13

      The power conferred upon the Exchange by rule 9.12 shall be subject to the review process set out in rule 4.06. The burden shall be on the issuer opposing the resumption to demonstrate that a continued trading halt or suspension would be appropriate.