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Orient Securities International faces possible delisting from Hong Kong exchange

Hong Kong-based Orient Securities International Holdings Ltd. is facing a possible delisting from the city's stock exchange over concerns that it does not have a sufficient level of operations and assets following its founder's sale of his stake in the company.

The bourse notified the company that it decided to suspend trading in its shares and proceed with the cancellation of its listing, the company said Dec. 23. The bourse said the company's brokerage and securities and IPO financing services have diminished to a low level of operations after founder and Executive Director Lam Shu Chung sold its entire stake in the company.

Orient Securities International's money lending business lacks substance because it only has a small customer base and relies on referral by directors and staff, according to the exchange. In addition, the bourse said the company does not have a sufficient level of assets that could enable it to carry out a viable and sustainable business.

If the company does not request a review of the decision by the stock exchange's GEM Listing Committee by Jan. 3, 2020, trading in its shares will be suspended from Jan. 6, 2020.

Orient Securities International said it is reviewing the decision and would actively consider filing a request for the decision to be referred for review.