Core Viewpoint - The company, Hejia Holdings (00704), has received a notification from the Stock Exchange indicating that it has failed to maintain sufficient operational levels as required by Listing Rule 13.24, leading to the suspension of its shares trading [1][2] Group 1: Operational Status - The company's core operation, coke production, has been suspended since October 2021, and it has repeatedly failed to implement its recovery plans for this business [1] - Over the past two years, the company has only engaged in coke trading, generating minimal revenue [1] - The company's plans to restore coke production are preliminary and uncertain [1] Group 2: Financial Position - As of March 31, 2025, the company reported a net current liability of HKD 444.5 million and maintained a cash balance of only HKD 1.7 million [2] - The total assets reported by the company amount to HKD 1.8109 billion, which includes idle coke ovens valued at HKD 1.6654 billion [2] - There is no clear path for the company to generate income from these assets or to resume coke production [2] Group 3: Debt and Audit Concerns - On August 2, 2024, a creditor submitted a claim against the company for overdue debts and interest totaling HKD 280.9 million [2] - Since the fiscal year 2020, the company's auditors have expressed an inability to provide an opinion on the company's ability to continue as a going concern [2] Group 4: Next Steps - The company is currently reviewing the notification from the Stock Exchange and plans to hold a board meeting to discuss whether to request a review of the decision by the Listing Committee [2]
和嘉控股面临停牌 联交所认定公司未能维持足够营运水平