The long-running saga of Chinese thin-film manufacturer Trony Solar’s delisting from the Hong Kong Stock Exchange appears set to reach an ignominious conclusion in the early hours of Thursday morning, Central European Time.
A brief announcement on the exchange this morning confirmed that, after a second appeal against the cancellation of the manufacturer’s shares was refused on August 10, the stock will be removed from the listing at 9am on Thursday (2am CET).
The move has been long foreshadowed, with shares in the Shenzhen-based company suspended since June 2012.
With suspicion clouding the company’s financial records at that point, a year-long examination by auditor PwC found Trony had multiple sets of accounts and the Chinese business’ owners were reportedly unable to demonstrate which set of figures were the correct ones.
The Hong Kong exchange gave the company six months to clear up the confusion or be removed from the listing in January 2017 and decided to arrange cancellation of the stock in July, when the impasse remained.
Trony twice applied to review the decision – later that month and again in November – but the exchange has now rung the bell for the troubled manufacturer’s stock.
In a subsequent update to shareholders, Trony confirmed the cancellation decision cannot be halted, despite it seeking legal advice from a senior counsel in Hong Kong to reverse the development. Trony said its shares certificates will remain valid but shareholders will be unable to trade them on the exchange.
This afternoon, in the wake of the resignations of the company chairman and two fellow independent non-executive directors, Trony confirmed its audit, remuneration and nomination committees have been dissolved.
The company added an EGM will be arranged, on a date to be announced, to change its articles of association and to arrange future administration of the business.
This article was updated at 1530 on August 21, 2018, to incorporate later stock market announcements by Trony Solar.