Why is Genting Hong Kong being delisted from HKEX?

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Genting Hong Kong to be Delisted from HKEX Due to Cessation of Operations and Insolvency

Genting Hong Kong is being delisted from the Stock Exchange of Hong Kong (HKEX) because the company has ceased its business operations and is unable to address its insolvency, rendering it unsuitable for continued listing. The company's shares have been suspended from trading since January 18, 2022, and with no prospect of resuming operations or meeting listing requirements, the liquidators requested immediate delisting.
Confirmation of Business Cessation and Insolvency

The liquidators of Genting Hong Kong have confirmed that the company has ceased its business operations. They have also stated that there is no expectation of the company being able to develop a plan to address its insolvency or resume business operations to meet the necessary listing requirements. This fundamental inability to operate and comply with exchange rules formed the basis for the delisting decision.
Failure to Meet Resumption Guidance

Following the trading suspension, Genting Hong Kong was subject to specific resumption guidance from the HKEX. However, the company's liquidators indicated they had no plan to meet these requirements. Consequently, they formally requested the Exchange to exercise its discretion and delist the company promptly, acknowledging the insurmountable challenges in returning to active trading.
Listing Committee's Decision on Suitability

The Listing Committee of the HKEX considered the company's circumstances and the liquidators' request. On April 28, 2023, the committee concluded that Genting Hong Kong was no longer suitable for listing. This decision was based on the company's inability to rectify its financial and operational issues, leading to the determination that immediate delisting was appropriate.
No Review of Delisting Decision

Genting Hong Kong has acknowledged the delisting decision and confirmed that it will not pursue an application for a review of this outcome. This stance indicates the company's acceptance of its inability to meet the conditions for continued listing and its resignation to the delisting process. The company had previously filed for winding up in Bermuda after defaulting on US$2.8 billion in debt and failing to secure necessary funding.

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Why is Genting Hong Kong being delisted from HKEX?

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