Starcoin (HKG:0399) said the listing committee of the Hong Kong stock exchange upheld a decision that the company failed to maintain sufficient operations and assets and backed the suspension of trading in its shares, according to a Monday bourse filing.

The committee said the group's operations remain limited, with revenue mainly from its trading business and no income yet from research and development.

It also cited early-stage health supplements and blockchain initiatives and said profit projections lacked sufficient supporting evidence.

The company said it will apply to the listing review committee for a review of the decision. Trading remains subject to the outcome of that review, the filing said.

Shares of the beauty products trader were down nearly 6% in Monday morning trade.