DeTai New Energy (HKG:0559) received a letter from the Hong Kong Stock Exchange stating that the company failed to maintain a sufficient level of operations and assets to warrant continued listing, according to a Nov. 7 bourse filing.

Shares of the firm lost nearly 29% in Monday morning trade.

Trading in the company's shares will be suspended on Nov. 19, unless DeTai requests a review of the decision.

The exchange cited concerns over the viability and sustainability of DeTai's hotel hospitality business in Japan, noting small operational scale, low occupancy rates, and prolonged delays in renovation work.

It also questioned the company's ability to manage operations independently after ending its partnership with an external operator.

Other segments, including money lending, liquor and wine, and securities investments, were deemed non-substantive and unsustainable due to low activity levels and minimal revenue.

The company said it is reviewing the letter and has not yet decided whether to apply for a review of the decision, the filing said.