HK Stock Market Move | BLUE RIVER HLDG (00498) plunges 48%, company receives decision for trading suspension from the Stock Exchange plans to apply for review

Blue River Holdings (00498) plummeted by 48%, as of the time of writing, falling by 47.86% to HKD 0.073, with a turnover of HKD 1.0035 million. On the news front, Blue River Holdings announced that on April 24th, it received a letter from the Stock Exchange of Hong Kong notifying the group that it has failed to maintain a sufficient level of business operation and asset value to support its operations as required by Rule 13.24 of the Listing Rules, in order to ensure its shares can continue to be listed. Therefore, the trading of the group's shares will be suspended on May 7th in accordance with Rule 6.01(3) of the Listing Rules, unless the group applies for a review of this decision. The group stated that a review request must be submitted to the Secretary of the Listing Committee within 7 business days from the date of the decision, otherwise trading of the shares will be suspended on May 7th. The group is currently reviewing the letter and considering the decision, and the board of directors intends to submit a written application to the Listing Committee for a review of the decision, seeking professional advice on the review rights.