Henan Huali Packaging Hit With NEEQ Delisting Decision Over Overdue 2019 Annual Report; Ticker to Become "Delisted Huabao"

In an announcement dated August 13, Henan Huali Paper Packaging Co., Ltd. confirmed it had received the "Decision on Terminating the Stock Listing of Henan Huali Paper Packaging Co., Ltd." issued by the National Equities Exchange and Quotations Co., Ltd. (NEEQ).

The company traces its origins back to 1964, was restructured into a privately owned business in 1998 and made its New Third Board debut in 2014. A large integrated packaging manufacturer whose portfolio spans paperboard, cartons and color printing, it once operated a number of subsidiaries at its peak.

Henan Huali Paper Packaging Co., Ltd. is now in bankruptcy reorganization proceedings, with the bankruptcy administrator carrying out restructuring work under the direction of the court.

In its announcement, the company stated that all matters arising after the termination of its listing will be handled strictly in line with the rules of the National Equities Exchange and Quotations and the Beijing Branch of China Securities Depository and Clearing Corporation Limited.

Decision on Terminating the Stock Listing of Henan Huali Paper Packaging Co., Ltd.

Because your company failed to disclose its 2019 annual report within the prescribed period, our company has decided to terminate the listing of your company's shares in accordance with Article 16 of the Implementation Rules for the Termination of Listing of Stocks of Companies Listed on the National Equities Exchange and Quotations (hereinafter the "Delisting Implementation Rules").

Under Article 22 of the Delisting Implementation Rules, your company must, within the next trading day after receiving this decision, publish an announcement confirming receipt of the decision to terminate the listing, disclose the contact persons and contact details at both the company and its lead securities broker for investor enquiries, respond actively to investor demands, and promptly complete follow-up procedures in accordance with the relevant provisions of the Beijing Branch of China Securities Depository and Clearing Corporation Limited.

Under Article 2, Item (2) of the Implementation Rules for Review of the National Equities Exchange and Quotations, if your company objects to the decision to terminate the listing, it must submit a review application to our company within 5 trading days starting from the date it receives the decision or the date our announcement is published, whichever comes first.

Under Article 24 of the Delisting Implementation Rules, if your company does not submit a review application within the prescribed period, its shares will resume trading on August 30, 2021 and its listing will be terminated on September 13, 2021. During the resumption of trading, our company will apply a special designation to the shares and the securities abbreviation will be changed to "Delisted Huabao" (摘牌华包).

In accordance with the Guiding Opinions on Improving the Termination of Listing System of the National Equities Exchange and Quotations, the Delisting Implementation Rules and other applicable provisions, a company whose shareholder count exceeds 200 at the time of delisting must transfer its shares through the dedicated zone set up by our company and fulfil its obligations as a non-listed public company, including corporate governance and information disclosure. A company that does not enter the dedicated zone but whose shareholder count later exceeds 200 must comply with the Measures for the Supervision and Administration of Non-listed Public Companies, the Guiding Opinions on Strengthening the Supervision of Non-listed Public Companies and other rules, and fulfil related obligations such as corporate governance and information disclosure. Where an issue of shares to specified parties pushes the cumulative shareholder count above 200, or where shares are issued to specified parties after the 200-shareholder threshold has been exceeded, approval must be sought from the China Securities Regulatory Commission.

National Equities Exchange and Quotations Co., Ltd.

——This article is reprinted from China Packaging Network (pack.cn). Original link: http://news.pack.cn/show-378007.html