DASHAN EDU (09986.HK): Listing Review Committee grants more time, forensic investigation report due by 30 October
NewTimeSpace News: On 26 August 2026, Dashan Education Holdings Limited (stock code: 09986) announced that the hearing of the Listing Review Committee was held on 19 August 2026 to review the decision of the Listing Committee made on 4 June 2026, on an administrative basis without an oral hearing, to cancel the Company's listing status with effect from 23 June 2026 (the fast-track delisting). The previous Listing Committee meeting was attended only by the Listing Department without the Company being present or making submissions; the Listing Review Committee hearing, however, was formally convened with the attendance of the Listing Department, the Company's representatives, its financial adviser and legal adviser, and the Company submitted two written submissions directly to the Listing Review Committee, with the hearing lasting over two hours of in-depth discussion and exchange.
The announcement set out the key points of the Company's submissions to the Listing Review Committee: the fast-track delisting decision disregarded the Company's statutory right under rules 8 and 9 of the Securities and Futures (Securities Markets Listing) Rules to contest the suspension directive issued by the SFC; the Listing Committee did not devote sufficient time to considering the recommendation; the independent forensic investigation and the SFC's investigation are still ongoing and no fraud has been established by a court, whereas fast-track delisting is generally applied to special circumstances such as fraud established by court; when recommending the initiation of fast-track delisting, the Listing Department only independently obtained six months of bank statements from one of the Company's bank accounts; based on the Stock Exchange's monthly reports on long-suspended companies, as a B-table issuer the Company had a reasonable expectation of a remediation period until 27 May 2027; preliminary results of the independent forensic investigation to date indicate that the two transactions in question have genuine commercial substance; the Group is not a shell company and operates a substantive ongoing business; the Company has established a special investigation committee comprising independent non-executive directors and engaged senior professional advisers (including a financial adviser, an independent forensic investigator and an internal control adviser) to conduct a comprehensive and objective review; and fast-track delisting would cause premature, material and irreversible harm to shareholders, particularly those who purchased shares after the resumption in 2024.
The Listing Review Committee neither upheld nor overturned the Listing Committee decision, and notified the Company on 21 August 2026 of the following directions: (1) the Company is required to submit the final independent forensic investigation report of Grant Thornton, the independent forensic investigator, on or before 4:00 p.m. on 30 October 2026; and (2) the Listing Department is required to provide its response statement, if any, on or before 4:00 p.m. on 13 November 2026. The Company stated that it has been working closely with Grant Thornton with good progress, which has provided certain preliminary results that the board considers constructive, and the independent forensic investigation can still be completed within the required timeframe.
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