HUSCOKE HLDGS (00704) announced that on September 5, 2025, the company received a letter from the Stock Exchange notifying that the Exchange has determined the company failed to maintain sufficient business operations as required under Listing Rule 13.24 to support the continued listing of its shares. Consequently, trading in the company's shares will be suspended in accordance with Listing Rule 6.01(3).

After reviewing available information, including submitted documents, the Stock Exchange concluded that the company has failed to maintain sufficient business operations and assets of adequate value to support its operations, thus failing to meet the continuing listing eligibility requirements under Listing Rule 13.24. Trading suspension should therefore be implemented under Listing Rule 6.01(3).

Regarding operations, the company's core coke production business, which forms the foundation of its operations, has been suspended since October 2021. The company has repeatedly failed to implement its business plans to resume coke production operations. Over the past two years, the company has only engaged in coke trading business, generating minimal revenue. Although the company plans to restore its coke production through these arrangements, the plan remains preliminary and uncertain.

Concerning assets, as of March 31, 2025, the company recorded net current liabilities of HK$444.5 million while maintaining only HK$1.7 million in cash reserves. The company reported total assets of HK$1.811 billion, which includes idle coke ovens valued at HK$1.665 billion. There is no clear pathway to resume coke production and generate revenue from these assets.

Additionally, on August 2, 2024, CINDA filed a petition against the company for overdue debts and interest totaling HK$280.9 million. Since the 2020 financial year, the company's auditors have issued disclaimers of opinion regarding the company's going concern capability.

The company is currently reviewing the letter and will convene a board meeting to discuss and decide whether to request a review of this decision by the Listing Committee.