YUEXIU PROPERTY COMPANY LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in Hong Kong with limited liability)
(Stock code: 00123)The Company wishes to announce that it has sought the proposed Delisting of the Company's shares from the SGX-ST and received a confirmation from the SGX-ST that it has no objection to the proposed Delisting subject to certain conditions.
The Company has sought the proposed voluntary delisting of the shares of Yuexiu Property Company Limited ("Shares") from Singapore Exchange Securities Trading Limited ("SGX-ST") (the "Delisting") for the following reasons:
The trading volume of the Shares on the SGX-ST has been generally thin. The trading volume of the Shares on The Stock Exchange of Hong Kong Limited ("HKSE") significantly exceeds the Company's SGX-ST trading volume.
By virtue of having the secondary listing on the SGX-ST, the Company is required to comply with the requirements set out in Rules 217 and 751 of the listing manual of the SGX-ST (the "Listing Manual") (including such other listing requirements that the SGX-ST may impose from time to time) in addition to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The board of directors of the Company (the "Board") believes that the proposed Delisting will eliminate the additional administrative overhead and costs of compliance associated with such SGX-ST requirements (which in its
bona fide opinion, outweigh the benefits of the Company's secondary listing on the Main Board of the SGX-ST), and allow the Company to streamline its compliance obligations, reduce its legal and compliance costs and focus its resources on its business operations.
With the low trading volume, the small number of Shares listed on the SGX-ST and the ability of persons holding Shares in scripless form through The Central Depository (Pte) Limited ("CDP Depositors") to trade Shares in Hong Kong, the Company believes that it is no longer necessary to maintain a secondary listing on the SGX-ST.
For the reasons above, the Board believes that the proposed Delisting is in the interests of the Company as a whole.
Before the secondary listings regulatory framework came into force on 3 November 2014, the Company was not subject to the continuing listing obligations in Chapters 9, 10 and 13 of the Listing Manual. After 3 November 2014, the Company will continue not to be subject to these obligations. It is noted that even if the Company were subject to the continuing listing obligations in Chapters 9, 10 and 13 of the Listing Manual at the time of its secondary listing, it would have ceased to be subject to these obligations 3 months from 3 November 2014.
In view of the above, apart from Rules 217 and 751 of the Listing Manual, the Company is not required to comply with any other continuing listing obligations of the SGX-ST. Rules 1307 and 1309 are, therefore, not applicable to the proposed Delisting. Hence, no general meeting of the Company will be convened to obtain the approval of shareholders for the proposed Delisting and no exit alternative will be offered to the shareholders of the Company.
An application was made by the Company to the SGX-ST to seek its approval for the proposed Delisting. On 19 January 2016, the SGX-ST advised that it has no objection to the proposed Delisting, subject to the following conditions:
An immediate announcement of the proposed Delisting to be disseminated via SGXNet promptly;
A notice to CDP Depositors ("Notice") to be sent and mailed to the CDP Depositors at least 3 months before the Delisting date; and
Clear disclosure in the Notice on the actions required by CDP Depositors including any costs to be incurred by them for the transition. In this respect, the SGX-ST notes the Company's representation that it will bear the transfer fees with respect to the share transfer process from The Central Depository (Pte) Limited to the Central Clearing and Settlement System ("CCASS") for CDP Depositors who effect the share transfer before the Delisting date. The Company should also inform shareholders that CDP Depositors who do not take any action prior to the Delisting date will have to make their own arrangements to lodge their Shares with CCASS if they wish to sell or trade in their Shares on the HKSE.
The SGX-ST's agreement to the proposed Delisting is not an indication of the merits of the proposed Delisting or the Company and/or its subsidiaries.
The proposed Delisting will result in the Shares being removed from the Official List of the SGX-ST. After the Delisting, Shares will only be traded on the HKSE. Shareholders' voting rights and entitlement to dividends will not be affected by the Delisting.
The Company will issue further announcements to inform shareholders of, inter alia, the timetable for the proposed Delisting and the actions to be taken by CDP Depositors in connection with the proposed Delisting.
Hong Kong, 20 January 2016
By Order of the Board
Yuexiu Property Company Limited Yu Tat FungCompany Secretary
As at the date of this announcement, the Board comprises:
Executive Directors: ZHANG Zhaoxing (Chairman), ZHU Chunxiu, LIN Zhaoyuan,
LI Feng, OU Junming and OU Shao
Independent Non-executive Directors:
YU Lup Fat Joseph, LEE Ka Lun and LAU Hon Chuen Ambrose
Yuexiu Property Co. Ltd. issued this content on 2016-01-20 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-19 22:19:08 UTC
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