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Hong Kong delists Greencool

By Han Xiao (China Daily)
Updated: 2007-05-18 08:50

Greencool Technology Holdings Limited, a refrigeration technology company, will be removed today from the Hong Kong exchange after a near two-year suspension.

The Hong Kong bourse said in a statement that the listing of Greencool's shares would be cancelled at 9:30 am today, in accordance with Rule 9.14 of the GEM (Growth Enterprises Market) Listing Rules.

Because it is a passive delisting, Greencool's investors will maintain their shares but cannot trade them, a Hong Kong-based lawyer said. 

Trading of Greencool's stock has been suspended since August 1, 2005, said the exchange's statement.

Gu Chujun, Greencool chairman, was arrested in September of 2005 on suspicion of "economic crimes", which refers to a range of violations including fraud and embezzlement. He is now in the Foshan jail in Guangdong Province.

Gu entered China's capital market in 2000 and took over Kelon, an industry leader in home appliance manufacturing, in early October 2001.

Before his arrest, Gu was in control of five listed companies: Greencool, Kelon, Hefei Meiling A share, Xiangyang Automobile Bearing and Yangzhou Yaxing Motor Coach.

Greencool, some analysts believe, was simply a financing platform for Gu to take over other listed companies in an improper fashion.

"The civil lawsuit against Gu Chujun is still ongoing, with no big breakthroughs," said Song Yixin, a Shanghai-based lawyer involved in the case.

Greencool was once the largest shareholder of Guangdong Kelon Electrical Holdings, also a Hong Kong-listed company.

Because Hisense Group spent 680 million yuan to take over Greencool's 26.43 percent stake in Kelon, Greencool's delisting has no impact on Kelon, the lawyer explained, adding that they are two separately listed companies.

On October 20, 2006, Greencool announced that the Hong Kong exchange had proposed to exercise its right to cancel the listing of Greencool shares. Greencool was given a period of six months, ending on April 12, to submit a viable resumption proposal. The company failed to submit the proposal at least 10 business days before the expiry of the six-month period.