Dechert Advises China Financial Services Holdings Limited on Overturning the Listing Committee’s Decision and Resumption of Trading of its Shares on HKSE
Dechert LLP has advised China Financial Services Holdings Limited (“CFSH”) on the successful resumption of trading of its shares on the Hong Kong Stock Exchange (“HKSE”). This includes acting for CFSH in its fulfilment of all the Resumption Guidance from the HKSE and its application to the Listing Review Committee to overturn the Listing Committee’s earlier decision to delist CFSH pursuant to Listing Rules 6.01A.
CFSH (Stock Code: 605) is an integrated financial services provider that offers customized financial solutions to small and medium-enterprises, micro-enterprises and individuals. Trading in CFSH’s shares was suspended on March 29, 2021. This was subsequently followed by the issuance of a Resumption Guidance from the HKSE on June 25, 2021, requesting CFSH to take a number of remedial actions.
The Dechert team assisted CFSH throughout its investigation and internal control review process, taking effective measures to help CFSH meet all of HKSE’s requirements for the resumption of trading. As a result, the Listing Review Committee decided to overturn the decision of the Listing Committee on February 6, 2023, and the HKSE approved the resumption of trading effective February 27, 2023.
Stephen Chan, Hong Kong-based partner at Dechert said, “We are very pleased to have assisted CFSH in achieving this outcome. The path to resumption was not easy, and it is a very rare instance where a company is able to convince the Listing Review Committee to reverse the Listing Committee’s decision to delist it from the exchange. I believe this case again demonstrates the strengths of our capital markets team in Hong Kong and our commitment to clients’ success.”
The Dechert team was led by Hong Kong-based partner Stephen Chan with support from associates Jacqueline Foo, David Chan and Luke Lau.
About Dechert
Dechert is a leading global law firm with 21 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.
