Hotel Group Sues Shenzhen Stock Exchange Over Delisting
Dou Shicong
/SOURCE : Yicai
Hotel Group Sues Shenzhen Stock Exchange Over Delisting

(Yicai Global) Sept. 19 -- Shenzhen Century Plaza Hotel Co. [SHE:000033], which the Shenzhen Stock Exchange forced to delist due to bankruptcy, has filed a lawsuit against the exchange and asked it to revoke the decision.

The firm filed the case on Sept. 18, information released by the Shenzhen Intermediate People's Court shows, but it did not give further details.

Shenzhen Stock Exchange announced on July 7 this year the hotel company will be delisted from the date of the statement and be listed on the National Equities Exchange and Quotations, better known as the New Third Board. The move made Shenzhen Century Plaza the first A-share listed firm to withdraw from the market this year.

The hotel firm opened in 1988 and listed in Shenzhen in January 1994. Due to performance disclosure irregularities, and other reasons, it suspended trading on May 21, 2015 and went into bankruptcy reorganization on Sept. 15 the same year.

An accounting firm verified on April 25, 2017, that the company made a net loss in 2015, meaning it failed to meet conditions to resume trading. The hotel entered a 30-trading-day period to arrange its delisting on May 24.

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Keywords: Shenzhen Century Plaza Hotel , Shenzhen Stock Exchange , Delisting , Prosecution