Media: Hong Kong's anti-acquisition new deal will take effect, and the fire currency "shell stocks" will be renamed as risk

According to Caijing.com, it was reported that Tongcheng Holdings Co., Ltd. (HK1611) issued an announcement proposing to change the company name to Firecoin Technology Holdings Limited. It is worth noting that on July 26, the Hong Kong Stock Exchange issued the regulatory document “Consultation Summary on Backdoor Listings and Other Shell Stock Activities”, which mentioned that the listing of backdoors has been popular in recent years, and the value of listing status has risen sharply. A large number of related activities, on the one hand, investors buy control of listed issuers to obtain their listing platform (rather than related business) with a view to the ultimate backdoor listing, and on the other hand, listed issuers conduct corporate actions (such as selling business) for sale. Listing platform. These activities create opportunities for market manipulation and undermine investor confidence in the market. The Hong Kong Stock Exchange stated that the relevant rules of the Listing Rules relating to the listing of the backdoor and the criteria for continuous listing have been revised and entered into force on October 1, 2019. At present, the largest controlling shareholder of Tongcheng Holdings is Li Lin, the actual holder of the Fire Exchange, with a share ratio of 65.24%. The actual control has changed. If the fire coins continue to be shelled according to the original plan, it is likely to violate Hong Kong. The anti-acquisition rules issued by the Stock Exchange. That is, if there is a change in the control or actual control of the listed issuer and a fundamental change in the issuer's main business. The regulatory authorities will most likely use the anti-takeover rules to suspend or even delist.