The Shenzhen Stock Exchange will “continue to follow the leadership of the China Securities Regulatory Commission, and implement strict supervision and delisting in accordance with the law in order to safeguard the system,” China Securities Journal reported, citing an official announcement.
The announcement was in response to a decision made on May 16, 2017 in terminating the listing of shares of Shenzhen Xindu Hotel, and the hotel’s recently filed administrative lawsuit in Shenzhen Intermediate People’s Court which seeks to revoke the termination.
The Shenzhen Stock Exchange said the decision was based on sufficient legal and factual basis, the report added.
It said Xindu Hotel had received disclaimer of opinion reports from its auditor against its financial reports for 2013 and 2014. The stock exchange said it had suspended the trading of Xindu’s shares from May 21, 2015 until the company was delisted on May 16, 2017.