| NEWS RELEASE | 14 September 2000 |
| The Stock Exchange of Hong Kong announces that, effective from the date of this announcement, the shares of Yaohan International Holdings Limited (in liquidation) will be placed in the third stage of the Delisting Procedures.
Pursuant to the Delisting Procedures, the Company will be given a final six months for the submission of a viable resumption proposal. If the Company does not submit a viable resumption proposal by 14 March 2001, being six months from the date of this announcement, the Exchange intends to cancel the listing of the Company. |
The Exchange announces that, effective from the date of this announcement, the Company will be placed in the third stage of the delisting procedures (the Delisting Procedures) specified in Practice Note 17 of the Exchange Listing Rules. Practice Note 17 formalises the procedures to be adopted in dealing with long-suspended companies.
Dealing in the shares of the Company has been suspended since 11 August 1998. Since its suspension, the Company has not been able to implement a viable resumption proposal. A viable resumption proposal means a proposal that, if implemented, would enable an issuer to demonstrate that it complies with paragraph 38 of the Listing Agreement. Paragraph 38 of the Listing Agreement requires an issuer to carry out a sufficient level of operations or have tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to the Exchange to warrant the continued listing of the issuer's securities.
As the Company is being wound up and its assets apportioned by its joint liquidators, the Company will now be placed in the third stage of the Delisting Procedures. The Company will be given a final six months for the submission of a viable resumption proposal. If the Company does not submit a viable resumption proposal by 14 March 2001, the Exchange intends to cancel the listing of the Company.
The Exchange will make a further announcement in due course if the delisting takes place.
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