China Huarong Gets Temporary HKEX Waiver Over Listing Rules

(Bloomberg) -- China Huarong Asset Management Co. said it has been granted a temporary waiver from strict compliance with Hong Kong Stock Exchange listing rules regarding the size of its public float.

The company is mulling listing and circulating domestic shares that can be transferred into H shares later, to restore the public float to at least 25%, it said in a Nov. 21 stock exchange statement. 

For more, read: China Huarong Gets $6.6 Billion Equity Injection in Bailout

The exchange waiver lowers the minimum public float from 25% as standard to 18.23% for a certain period, the statement said. The waiver will remain in effect until Aug. 31, 2022.

Huarong’s trading suspension in Hong Kong is not expected to change and its shares will remain suspended until further notice, the statement said.

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