DeTai New Energy (HKG:0559) has asked the Hong Kong stock exchange to review a decision that found that the company failed to maintain sufficient operations and assets, according to a Tuesday bourse filing.

The earlier ruling stemmed from concerns about the viability of DeTai's Japan-based hotel business, which the exchange described as having a small operating scale, low occupancy rates, and prolonged renovation delays.

The exchange also noted that the company's termination of an external operator raised doubts about its ability to run the business independently.

Other segments, including money lending, liquor and wine, and securities investments, were assessed as non-substantive due to minimal activity and revenue.

The company reiterated that the result is uncertain and that a suspension may follow if the listing committee upholds the decision.