Huscoke Holdings (HKG:0704) said the Hong Kong Stock Exchange found it failed to meet listing rules, and its shares face suspension unless it seeks a review, according to a Monday filing.

The exchange found that Huscoke's core coke production business has been suspended since 2021, and its current coke trading business generated minimal revenue, with profits of just HK$45,000 for the year ended March 31.

The business lacked substance and sustainability, and its assets were insufficient to support operations, the regulator said.

As of March 31, Huscoke reported net current liabilities of HK$444.5 million and cash of only HK$1.7 million.

It also faces a winding-up petition from China Cinda (HK) Asset Management over HK$280.9 million of overdue debt and interest.

Huscoke said it is reviewing the decision and will convene a board meeting to determine whether to appeal.