Hong Kong's anti-acquisition new deal will take effect, and the "coin stock" of the fire currency will be renamed as a risk

Tongcheng Holdings Co., Ltd. (HK1611) issued an announcement proposing to change the company name to Firecoin Technology Holdings Limited. The announcement shows that the board of directors has proposed to change the company's English name "Pantronics Holdings Limited" to "Huobi Technology Holdings Limited" and the Chinese name "Tong Cheng Holdings Limited" to "Firecoin Technology Holdings Limited".

The Group pointed out that while continuing to develop a relatively stable manufacturing business, it also sought to further expand to rapidly growing technology-related businesses, and suggested that changing the company name would better reflect its future strategic direction and development plan. The proposal is subject to shareholders' convening of a special general meeting to vote and approval of the British Virgin Islands Corporate Affairs Registry. The board of directors includes: executive directors Li Lin, Li Shubing and Lan Jianzhong; and independent non-executive directors Duan Xiongfei, Ye Weiming and Wei Yuran.

Upon completion of the above approval, Tongcheng Holdings Co., Ltd. will also need to complete all necessary registration and/or filing procedures with the British Virgin Islands Corporate Registrar and the Hong Kong Companies Registry.

After the announcement, Tongcheng Holdings Co., Ltd.'s stock rose more than 60% today, opening price of 3.39 Hong Kong dollars, the highest rose to 7.21 Hong Kong dollars, the current price of 4.82 Hong Kong dollars (about 15:00 today).

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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.

The amended Listing Rules state that changes in control or actual control rights and changes in acquisitions, sales and/or control or actual control that are otherwise related in 36 months become new changes.

“The regulatory layer is more concerned about the changes of the actual controllers of listed companies, which makes the potential shell resources less. The time required for the buyer to dispose of the old assets is lengthened, resulting in an overall lengthening of the backdoor time, leading to an increase in the uncertainty of shell transactions. Li Congming, the founder of a Hong Kong research institute, told Caijing.com.

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.

In addition to the supervision of listed companies conducted by the Stock Exchange in accordance with the Listing Rules, the SFC also stated that it will exercise its statutory powers (including investigative powers) and the parties involved (including related companies, directors, etc.) where appropriate. Major shareholders and intermediaries) take action. Specifically, the SFC may object to a listing application based on one or more of the reasons set out in Rule 6 of the Securities Market Listing Rules, and may also direct the Stock Exchange to suspend a listed corporation's shares in accordance with section 8 of the Rules. Transaction.

The SFC will consider the facts and circumstances of each case to exercise its powers under the Securities and Futures Ordinance or under the Securities Market Listing Rules in cases involving backdoor listings and shell stocks, for example, Whether there is a fundamental problem of whether new assets or businesses that are being or will be injected should be allowed to go public and raise funds from the investing public.

It is reported that the fire currency network is a bitcoin trading platform, and has received A-yuan tens of millions of RMB capital investment such as Zhenge Fund, Dai Zhikang and Sequoia Capital.

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