DRAGON MINING (01712.HK): New Holding Company Lung Kam Resources to List on HKEX Main Board by Introduction; Dragon Mining to Withdraw Listing
NewTimeSpace News: Dragon Mining Limited (stock code: 01712) issued an announcement regarding the listing of the entire issued share capital of Lung Kam Resources Limited (the New Holding Company) on the Main Board of The Stock Exchange of Hong Kong Limited by way of introduction, and the withdrawal of the listing of Dragon Mining Limited (incorporated in Australia) upon completion of the reorganisation. The New Holding Company was incorporated in Hong Kong as a limited company under the Companies Ordinance on 28 November 2024 and is a wholly-owned subsidiary of the Company; immediately following completion of the reorganisation, the New Holding Company will become the ultimate holding company of the Group.
The announcement disclosed that the scheme document was published pursuant to the Listing Rules, despatched to shareholders on 29 June 2026, and is available on the Stock Exchange's website and the Company's website. The New Holding Company has applied to the Listing Committee for approval of the listing of, and permission to deal in, the New Holding Company shares in issue and to be issued pursuant to the scheme by way of introduction, and the Company has also applied to the Stock Exchange for the withdrawal of the listing of its shares upon completion of the reorganisation; upon completion of the reorganisation, the listing of the shares on the Stock Exchange will be withdrawn pursuant to Rule 6.15(2) of the Listing Rules.
In respect of the share exchange arrangement, based on the Company's issued share capital of 189,715,935 shares as at the date of this announcement, each scheme shareholder (other than, if any, ineligible overseas shareholders) will receive one New Holding Company share (ranking pari passu) for each scheme share held as at the record date, and the New Holding Company will have 189,715,935 New Holding Company shares in issue upon implementation of the scheme.
The announcement noted that, subject to the implementation of the scheme, dealings in the New Holding Company shares on the Main Board are expected to commence at 9:00 a.m. on Wednesday, 2 September 2026. The stock short name of the New Holding Company will remain the same as the Company's existing short name (i.e. "Dragon Mining"), the New Holding Company shares will be traded under the Company's existing stock code (i.e. stock code: 1712), and the board lot size will remain unchanged at 1,000 New Holding Company shares. Subject to approval of the listing of, and permission to deal in, the New Holding Company shares on the Main Board and compliance with the share admission requirements of HKSCC, the New Holding Company shares will be accepted by HKSCC as eligible securities for deposit, clearing and settlement in CCASS.
The announcement reminded that the scheme is subject to, among other things, court approval, and therefore it is uncertain whether and, if so, when the reorganisation and the transactions contemplated thereunder will be completed and when the New Holding Company shares will be listed on the Main Board. Shareholders and potential investors of the Company should exercise extreme caution when dealing in the Company's shares.
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