HK Stock Market Move | HUSCOKE Holdings (00704) surged over 140% during trading, Listing Committee says company is not suitable for listing, stock may be suspended on Friday.

HUSCOKE HLDGS (00704) rebounded sharply today, rising over 140% intraday. As of the time of writing, it has risen by 92.42% to HKD 0.127, with a trading volume of HKD 1.106 million. On the news front, HUSCOKE HLDGS announced that on December 9, the Stock Exchange Listing Committee sent a letter to the company, notifying that the Listing Committee had reviewed the company's situation and decided that the company failed to maintain sufficient operating scale and assets of sufficient value to support its operations, thus failing to meet the requirements of Rule 13.24 of the Listing Rules, therefore not suitable for listing. The Listing Committee thus decided to suspend trading of the company's shares in accordance with Rule 6.01(3) of the Listing Rules. The announcement stated that the company has the right to request the decision of the Listing Committee to be referred to the Listing Review Committee for review. Unless the company applies for a review, trading of the company's shares will be suspended on December 19 (this Friday). The company is reviewing the decision of the Listing Committee and is conducting internal and external discussions and seeking opinions, to determine whether to appeal to the Listing Review Committee. Further announcements will be made regarding this decision.