Proview staves off Hong Kong delisting
Proview International has avoided delisting from the Hong Kong stock exchange, following a review of the company's proposed initiative to jump-start its operations.
The failed computer monitor manufacturer is the parent of Proview Technology (Shenzhen), which received a record US$60 million payout from technology giant Apple in June to settle their long dispute over the "iPad" trademarks on the mainland.
In a filing with the Hong Kong stock exchange over the weekend, Proview International chairman Sun Min said the market's Listing Review Committee has decided "to set aside the cancellation of the company's listing status" based on its new proposal to resume business.
The stock exchange had put Proview International in the third and final stage of delisting procedures, as stipulated in Practice Note 17 to the Listing Rules, since December 30, 2011. It said the firm failed to provide a "resumption proposal to demonstrate it has sufficient operations or assets for listing".
Proview International's shares were suspended from trading at its request on August 2010, as the company scrambled to restructure and sell off its principal assets on the mainland to pay its debts. Its Shenzhen subsidiary filed for bankruptcy later that year.
Early last month, Proview International submitted a proposal to acquire an undisclosed "profitable business" that is also in the electronics industry.
The first resumption proposal that it filed on June 13 was rejected. The Listing Committee, which conducted a hearing on Proview International's case on January 11, has drawn up a two-month schedule to further study the company's resumption proposal. This plan, if approved, could breathe new life into Proview International, which went public in June 1997.
Yu Ming Investment Management, which is Proview International's financial adviser, said its client's new proposal addressed the Committee's concerns.