Beijing Xunzhong Drops A-Share Plan and Seeks Delisting of Domestic Shares from NEEQ

Beijing Xunzhong Communication Technology Co., Ltd. Class H ( (HK:2597) ) has provided an announcement.

Beijing Xunzhong Communication Technology Co., Ltd. has decided to terminate its previously planned A-share public offering and listing on the Beijing Stock Exchange, citing adjustments to its offering plan, current business conditions and future strategic considerations; the application had not yet been approved by the exchange or registered with the securities regulator, and the board does not expect the termination to materially affect the group’s financial position or operations, with final approval now subject to a forthcoming extraordinary general meeting. At the same time, the company plans to delist its domestic RMB-denominated shares from the National Equities Exchange and Quotations, seeking shareholder approval to both remove the listing and grant the board full authority to handle all aspects of the delisting process, a move it says will allow greater focus on core operations, improved management efficiency and enhanced competitiveness while pledging to protect the rights and interests of dissenting domestic shareholders and other stakeholders.

More about Beijing Xunzhong Communication Technology Co., Ltd. Class H

Beijing Xunzhong Communication Technology Co., Ltd. is a PRC-incorporated communications technology company listed in Hong Kong, with domestic shares previously quoted on China’s National Equities Exchange and Quotations (NEEQ). The company focuses on its core communications-related businesses and aims to strengthen management capabilities, enhance product competitiveness and improve its long-term sustainable operating capacity while creating long-term value for shareholders and other stakeholders.

Average Trading Volume: 56,607

Technical Sentiment Signal: Strong Buy

Current Market Cap: HK$1.85B

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