Separately, China Hongxing Sports, which became a cash company in May 2018, has also received a notification of delisting from the Singapore bourse.
Under the listing rules, SGX will remove an issuer if it is unable to meet the requirements for a new listing within 12 months from the time it becomes a cash company.involved a proposed reverse takeoverHowever, SGX noted that as at July 7, there is a"lack of information on the financials and viability of the mining assets to demonstrate that the proposed transaction meets the requirements for a new listing".
Therefore, SGX is unable to grant any further extension for China Hongxing to satisfy the requirements for a new listing and will direct it to be delisted. Among other things, China Hongxing noted that the Covid-19 pandemic has caused"severe disruptions" to the company trying to meet the conditions stated in the extensions granted by SGX.
It added that the target company is also seeking to raise capital to secure sufficient funding to finance the proposed transaction and for its operations. Nonetheless, due to the lockdown in the Philippines and Singapore, potential investors have not been able to complete their site visits and due diligence process, while scheduled road shows for investors were also postponed.
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