MSCTECH (01632.HK): Receives HKEX Resumption Guidance; Trading Remains Suspended

NewTimeSpace News: On 22 September 2026, Minshang Creative Technology Holdings Limited (stock code: 01632) announced that on 18 September 2026 it received a letter from the Stock Exchange setting out resumption guidance. Trading in the Company's shares has been suspended since 9:00 a.m. on 2 July 2026, because the Company failed to publish its annual results for the year ended 31 March 2026 by the publication deadline.

By way of background, on 1 August 2025 Beijing Minshang Zhihui E-commerce Co., Ltd. became a subsidiary of the Company (consolidated); on 27 November 2025 the Company published its 25/26 interim results, consolidating Minshang Zhihui under the acquisition method and recognising a receivable from a fellow subsidiary of HK$241.2 million. On 25 June 2026 all independent non-executive directors resigned, concerned about the recoverability of a fellow subsidiary's receivable; the auditors could not issue an audit opinion due to unresolved issues on the consolidated reporting basis (doubt over the acquisition method) and an incomplete impairment assessment of the receivable. The Company appointed three new independent non-executive directors and formed a special investigation committee on 3 September 2026; the independent investigation is ongoing.

The resumption guidance requires the Company to: (a) conduct a proper independent investigation into matters raised by the auditors and the resigning independent non-executive directors and publish findings and remediation; (b) engage an independent internal control adviser to review internal controls and prove remediation is complete; (c) publish all outstanding financial results and reports and resolve audit qualifications; (d) demonstrate compliance with Rule 13.24; and (e) inform the market of all material information. Under Rule 6.01A(1), the 18-month suspension period expires on 1 January 2028; if the Company fails to remedy and resume trading by then, the Listing Division will recommend delisting proceedings. Trading will remain suspended until further notice.

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