Key Takeaways:
Trading in the shares of Starcoin Group (00399.HK) was halted indefinitely from May 6, after Hong Kong’s High Court rejected the company's final bid to overturn a delisting order from the city's stock exchange.
"The High Court declined to grant leave for the company to apply for judicial review against the Listing Review Committee’s decision," Starcoin Group said in a filing. The company's application for an interim injunction to prevent the suspension was also denied.
The suspension stems from a decision by the Hong Kong Stock Exchange on November 14, which found that Starcoin failed to maintain a sufficient level of operations as required under Listing Rule 13.24. The last traded price for the shares was HK$0.073. The halt came just a day after the stock surged as much as 60% to a high of HK$0.088.
For shareholders, the suspension results in a complete loss of liquidity and likely a near-total loss of invested capital. The move underscores the exchange's enforcement of listing standards, potentially prompting investors to re-evaluate risks associated with other companies that exhibit weak operational performance on the Hong Kong bourse.
This article is for informational purposes only and does not constitute investment advice.
