Heavyweight! Bolina Holdings’ Listing Status Was Cancelled

Poslovna škola za kupaonice

U ožujku 8, the Stock Exchange of Hong Kong (SEHK) announced that with effect from 9:00 a.m. on March 10, 2021, the listing status of Bolina Holdings Limited (Bolina Holdings) will be cancelled pursuant to Rule 6.01A of the Listing Rules.

The Stock Exchange stated that trading in the shares of Bolina Holdings has been suspended since as early as 17 rujan 2018. Pursuant to Rule 6.01A of the Listing Rules, the Exchange may delist Bolina Holdings if the company fails to resume trading on or before March 16, 2020. Ultimately, Bolina Holdings failed to resume trading as scheduled and therefore on 8 svibanj 2020, the Listing Committee of the Stock Exchange decided to cancel the listing status of such Bolina Holdings on the Stock Exchange pursuant to Rule 6.01A of the Listing Rules.

Although Bolina Holdings applied to the Listing Review Committee on 15 svibanj 2020 for a review of the Listing Committee’s decision, the Listing Review Committee of the Stock Exchange decided on 4 November 2020 to uphold the Listing Committee’s decision to cancel the Company’s listing status. Prema tome, the Stock Exchange will cancel the listing status of Bolina Holdings with effect from 9:00 a.m. on March 10, 2021. Štoviše, the Stock Exchange has requested Bolina Holdings to publish an announcement to account for the cancellation of its listing status.

In the afternoon of March 9, Bolina Holdings issued an announcement stating that: Pursuant to the letter from the Stock Exchange dated March 3, 2021, the Company has been informed that the listing status of the Company’s shares (a “Dionice”) will be cancelled pursuant to Rule 6.01A. The last date for listing of the Shares will be 9 ožujak 2021 and the listing status of the Shares will be cancelled with effect from 9:00 a.m. on 10 ožujak 2021.

Regarding the impact on shareholders, Bolina Holdings stated in the announcement that: All shareholders and investors of the Company should note that after 9 ožujak 2021, being the last listing date of the Shares on the Stock Exchange, the share certificates for the Shares will remain valid but the Shares will not be listed and traded on the Stock Exchange. Nakon toga, the Company will no longer be governed by the Listing Rules.

Bolina Holdings was listed on the Main Board of Hong Kong in July 2012, issuing 210 million shares at an issue price of HK$2.15 per share, making it the first mainland bathroom company to be listed in Hong Kong. According to the announcement issued by Bolina Holdings, njegov 2012 operating revenue increased by 24.6% približno 820 Milijun juana, and the net profit increased by 53.5% približno 250 Milijun juana.

Međutim, after less than a year of listing, Bolina’s performance began to “take a sharp turn for the worse”. From the financial reports of four years from 2013 do 2016, Bolina’s operating income and net profit growth have been declining. 2013 do 2015 net profit income continued to grow negatively, -14.20%, -21.49% i -55.34% odnosno.

By the year 2016, Bolina’s operating income had a negative growth of 50%, samo 360 Milijun juana, and the net profit had a negative growth of nearly 583%, with an annual loss of about 350 Milijun juana. In the five years since its listing in 2012, Bolina’s profit warning has been issued six times.

On the evening of May 15, 2018, Bolina Holdings even issued an announcement that, due to the company’s inability to repay its debts, Treasure Vantage Securities Limited, as petitioner, had filed a petition to the High Court of the Hong Kong Special Administrative Region on May 11, 2018, to wind up Bolina.

Bolina Holdings’ financial results for 2020 have not yet been announced, but its financial results for 2019 show that its operating income increased by approximately 3.0% to RMB491 million, net loss decreased by approximately 34.9% to RMB244 million, basic loss per share decreased by approximately 34.5% do 19 cents, and no dividend was paid. Its net loss decreased by approximately 34.9% to RMB 244 milijun. The basic loss per share decreased by approximately 34.5% do 19 cents, and no dividend was paid.

From being the first domestic pottery and sanitary enterprise listed in Hong Kong, to being applied for liquidation and then having its listing status cancelled, the experience of Bolina Holdings in the past few years is worth making the industry re-examine the significance of corporate listing.