Minshang Creative Technology Holdings Faces Trading Suspension After Stock Exchange Deems Consolidation a Reverse Takeover
Key Points for Investors
- Hong Kong Stock Exchange Decision: The Stock Exchange has determined that Minshang Creative Technology Holdings Limited’s recent consolidation of Beijing Minshang Zhihui E-commerce Co., Ltd constitutes a backdoor listing (reverse takeover) and circumvents the exchange’s rules and new listing requirements.
- Trading Suspension: Unless successfully appealed, trading in Minshang Creative’s shares will be suspended from 24 June 2026.
- Company’s Status: The Company will be treated as a new listing applicant and must comply with all new listing requirements, which Minshang Zhihui currently does not meet.
- Material Business Change: The consolidation fundamentally changes the company’s principal business, with Minshang Zhihui’s operations now driving all group revenue. The Stock Exchange disputes the company’s claim that the consolidation is a continuation of its original IT Solution Business.
- Financial Performance of Target: Minshang Zhihui has been loss-making in recent years, failing to meet profitability requirements for new listings, despite a one-off profit in FY2023.
- Right to Review: The Company has seven business days from 11 June 2026 to appeal the decision to the Listing Committee. The board is considering professional advice and may file for a review.
Full Article
Minshang Creative Technology Holdings Limited (“Minshang Creative”; Stock Code: 1632) announced that it has received a letter from The Stock Exchange of Hong Kong Limited stating that the recent consolidation of Beijing Minshang Zhihui E-commerce Co., Ltd (“Minshang Zhihui”) is considered a reverse takeover (RTO), or backdoor listing, which violates the exchange’s RTO and new listing rules.
The Stock Exchange’s decision, delivered on 11 June 2026, is highly significant and could substantially impact shareholders and the stock’s valuation. The exchange will treat Minshang Creative as a new listing applicant and require compliance with all the new listing requirements. As Minshang Zhihui does not meet these requirements, the company is currently considered unsuitable for continued listing. Consequently, trading of its shares is set to be suspended from 24 June 2026, unless the company appeals the decision.
Background and Details of the Decision
- The Stock Exchange found that Minshang Creative had become a “listed shell” following a deterioration in its IT Solution Business, which ceased generating revenue by the time of the consolidation. The company’s Renewable Energy Technology Business is still under development, with no clear timeline for revenue generation.
- By comparison, Minshang Zhihui is a much larger business, generating HK\$272 million to HK\$502.9 million in revenue between FY2023 and FY2025, while the Company’s IT Solution Business only generated between HK\$0.2 million and HK\$60.1 million in the same period. Since the consolidation, all group revenue has come from Minshang Zhihui.
- Despite the company’s assertion that the consolidation was a continuation of its IT Solution Business, the exchange disagreed, highlighting fundamental differences in business nature, operating model, and scale. In particular, over 95% of Minshang Zhihui’s revenue comes from product sales and event management, not IT solutions.
- Financially, Minshang Zhihui has been loss-making, with a net profit of HK\$22.2 million in FY2023, but aggregate net losses of HK\$71.1 million over FY2024 and FY2025. The exchange concluded that Minshang Zhihui does not meet the track record or quality requirements for a new listing.
- The exchange highlighted that, although the consolidation did not technically involve a classic asset acquisition, the arrangements (including board appointments and articles amendments) effectively transferred control and achieved a backdoor listing – a circumvention of the rules.
Shareholder Implications and Next Steps
- Trading in Minshang Creative shares will be suspended after 24 June 2026 unless the company appeals the decision within the stipulated timeframe.
- The company is considering its options and may apply for a review to the Listing Committee, but there is no guarantee of a different outcome.
- This development is highly price-sensitive and could lead to significant volatility in the company’s share price.
- Shareholders and potential investors are strongly advised to exercise caution and seek professional advice regarding the possible suspension and the implications for their investments.
Conclusion
This decision by the Stock Exchange – to treat the company as a new listing applicant due to a suspected backdoor listing – is both rare and severe. It puts Minshang Creative’s continued listing, and thus shareholder value, at immediate risk. The company’s shares could be suspended from trading, and its future as a listed entity is uncertain pending the outcome of any appeal. This is a crucial moment for investors, and additional announcements are expected as the situation evolves.
Disclaimer: The above article is for informational purposes only and does not constitute investment advice. Investors should seek professional advice before making any investment decisions regarding Minshang Creative Technology Holdings Limited.
民商創意科技控股有限公司被港交所裁定借殼上市，股份面臨停牌
投資者重點須知
- 港交所裁決： 港交所認為民商創意科技控股有限公司近期合併北京民商智慧電子商務有限公司（「民商智慧」）實質構成借殼上市，規避了相關規則及新上市要求。
- 股份停牌： 若公司未能成功上訴，股份將於2026年6月24日起停止買賣。
- 公司地位： 公司將被當作新上市申請人處理，必須符合所有新上市要求，而民商智慧目前並不符合這些要求。
- 業務重大變化： 合併後，民商智慧成為集團唯一收入來源，港交所不同意公司所稱合併屬IT解決方案業務的延續。
- 目標公司業績： 民商智慧近年持續虧損，未能達到新上市的盈利要求，即使2023財年曾錄得2,220萬港元淨利潤。
- 上訴權利： 公司有七個工作日（由2026年6月11日起）可向上市委員會提出上訴，目前正考慮專業意見，有可能提出上訴。
詳細報導
民商創意科技控股有限公司（「民商創意」；股份代號：1632）公佈，已收到港交所來信，指公司近日合併民商智慧的安排，實質構成借殼上市，違反了港交所借殼及新上市規則。
該裁決於2026年6月11日發出，對股東及公司股價潛在影響重大。港交所將把民商創意當作新上市申請人，要求其遵守所有新上市規定。由於民商智慧未能符合相關要求，公司暫時被視為不適合繼續上市。股份將於2026年6月24日後停牌，除非公司提出上訴並成功獲批。
事件背景及裁決詳情
- 港交所認為民商創意早前IT解決方案業務表現下滑，於合併時已無收入來源，集團只剩下正開發中的可再生能源科技業務，尚未有明確盈利時間表。
- 民商智慧業務規模遠大於集團，2023至2025財年收入介乎2.72億至5.029億港元，公司IT解決方案業務同期收入僅介乎20萬至6,010萬港元。合併後，集團收入全數來自民商智慧。
- 公司聲稱合併屬IT解決方案業務延續，惟港交所認為兩者業務模式、性質及規模差異極大，民商智慧過去三年超過95%收入來自產品銷售及活動管理，IT平台服務收入佔比少於5%。
- 財務上，民商智慧近年虧損嚴重，僅2023財年錄得2,220萬港元淨利，2024及2025兩年合共虧損7,110萬港元。港交所認為其未符新上市財務要求。
- 雖然合併未涉及傳統資產收購，但包括修訂章程及委任董事等安排實質令公司取得新業務控制權，達致借殼上市效果，屬規避規則行為。
股東影響及後續行動
- 若公司不於限期內提出上訴，股份將於2026年6月24日後停牌。
- 董事會正考慮專業建議，有可能向上市委員會提出上訴，但結果未能保證。
- 事件屬高度敏感及或引致股價大幅波動。
- 建議股東及潛在投資者審慎行事，並諮詢專業意見。
總結
港交所因懷疑公司藉合併達到借殼上市效果，決定視作新上市申請人處理，屬罕見及嚴厲措施。公司股份面臨停牌及能否繼續上市存變數，投資者須密切留意日後公告。
免責聲明： 以上內容僅供參考，並不構成任何投資建議。投資者作出任何決定前，應徵詢專業意見。
