Huscoke Holdings (HKG:0704) said it has requested a review of the Hong Kong Stock Exchange's decision that the company failed to maintain sufficient operations under listing rules, according to a Wednesday filing.

Shares of the coke producer were up over 25% in Thursday morning trade.

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

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

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

Huscoke warned that the review outcome is uncertain, and trading could be suspended if the listing committee upholds the decision.

Trading in its shares will continue during the review process.