Shenzhen hotel group sues local stock exchange over delisting
Hotel was removed from the Shenzhen Stock Exchange in July. Shenzhen’s Intermediate People’s Court formally placed the case on file on Monday
Shenzhen Century Plaza Hotel, the first company delisted in China this year, has filed a lawsuit against the Shenzhen Stock Exchange in an intermediate court in Shenzhen, asking the court to quash the exchange’s delisting decision.
Century Plaza Hotel was removed from the Shenzhen Stock Exchange in July.
Shenzhen’s Intermediate People’s Court formally placed the case on file on Monday, according to public information on the court’s website.
The court said it will disclose its “effective judge statement” on the internet on China Judgements Online, the nation’s official court paper website, unless the related party files an application against public disclosure.
In response to the lawsuit, the Shenzhen Stock Exchange said in a statement late on Tuesday that its decision to terminate Shenzhen Century Plaza Hotel’s listing status had “sufficient legal and factual basis”.
“We will resolutely implement our responsibility as the main body of delisting (mechanism),” the exchange added.