The Hong Kong bourse said Minshang Creative Technology (HKG:1632) is no longer suitable for listing after the consolidation of the results of Beijing Minshang Zhihui E-commerce, according to a Thursday Hong Kong bourse filing.

Shares of the restaurant chain operator, trading business, and IT solutions business company, were down 21% in Thursday afternoon trading.

As a result, the bourse imposed additional conditions by treating the company as a new listing applicant and mandated that it comply with additional reverse takeover requirements.

The stock exchange believes the company used the consolidation, announced in June 2025, for a backdoor listing of Beijing Minshang Zhihui E-commerce, in the process bypassing the reverse takeover rules and new listing requirements.

The bourse believes the principal business changed, and the company became a listed shell at the time of consolidation, as Beijing Minshang Zhihui E-commerce's operations were larger than Minshang Creative Technology.

Minshang Creative Technology can apply for a review of the decision.