Chungs Lawyers (in association with DeHeng Law Offices) has advised CNNC International Limited (the “Company”, together with its subsidiaries, the “Group”) to successfully resume trading of its shares (“Shares”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The Company is a member of China National Nuclear Corporation (中国核工业集团有限公司) and its Shares are listed on the Stock Exchange (Stock Code: 2302). The Group is currently principally engaged in the uranium trading business and the uranium resources development business. Trading in its Shares had been suspended with effect from 30th April, 2021. Pursuant to Rule 6.01A (1) of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”), the Stock Exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months. In the case of the Company, the 18-month period will expire on 29th October, 2022.
Pursuant to the resumption guidance (“Resumption Guidance”) imposed by the Stock Exchange, the Company should satisfy the following resumption conditions before 29th October, 2022:
(1) conduct an appropriate independent review into the issues, assess the impact on the Company’s business operation and financial position, announce the findings and take appropriate remedial actions;
(2) conduct an independent internal control review and demonstrate that the Company has in place adequate internal controls and procedures to meet the obligations under the Listing Rules;
(3) publish all outstanding financial results required under the Listing Rules and address any audit modifications;
(4) demonstrate the Company’s compliance with Rule 13.24 regarding sufficient operations and assets to warrant the continued listing of its Shares; and
(5) inform the market of all material information for the Company’s shareholders and investors to appraise the Company’s position.
Chungs Lawyers worked closely with the Company's directors and senior management and advised on the resumption strategies. In particular, Chungs Lawyers took lead responsibility, together with the Company’s financial adviser, China Galaxy International Securities (Hong Kong) Co., Limited, for overseeing the process of various independent investigations on relevant issues, advising on the direction of investigation, advising on compliance with the Listing Rules in relation to the Company’s business operations, and handling the legal and regulatory aspects of the resumption process. Additionally, the team cooperated with auditors and financial adviser to the Company in terms of financial statements and auditors’ opinions, and was responsible for ongoing communications with the Stock Exchange.
As all the resumption conditions have been satisfied, the Company has been approved by the Stock Exchange for the resumption of trading in the Shares. The Shares has resumed trading on the Stock Exchange with effect from 9:00 a.m. on 18 October 2022.