Lajin Entertainment (Stock Code: 8172) announced that the GEM Listing Committee of The Stock Exchange of Hong Kong has upheld an earlier decision, finding the company’s current operations and assets insufficient under Rule 17.26 of the GEM Listing Rules. The committee’s conclusion followed a review hearing on 21 October 2025 and notification on 3 November 2025.

According to disclosed data, the company’s entertainment business showed significantly reduced revenue—from RMB68.3 million in 2021 to HK$5.3 million in 2024—and minimal revenue of HK$2.1 million in the first half of 2025. In addition, most entertainment projects, including potential movie and internet drama productions, have uncertain timelines and depend on further financing. The company also shifted its focus to the new media business, but its app and PASS Cards products generated only minimal income, lacking substantial binding purchase commitments or exclusivity rights. Meanwhile, assets and cash reserves remain limited; the latest audited report highlighted material uncertainty about the company’s ability to continue as a going concern.

As stipulated, the company has seven business days from 3 November 2025 (i.e., until 12 November 2025) to request a further review by the GEM Listing Review Committee. Absent a review request, trading in the company’s shares will be suspended after 13 November 2025. Shareholders and investors are advised to monitor the company’s announcements for any further developments.