Hejia Holdings (00704) received a letter from the Stock Exchange Listing Committee

Zhitong Finance App News, Hejia Holdings (00704) issued an announcement. The Listing Committee held a review hearing on the Listing Division's decision on November 25, 2025. The Company received a letter from the Listing Committee of the Stock Exchange on December 9, 2025, informing that the Company's Listing Committee had reviewed the Company's situation and decided that the Company had failed to maintain sufficient operating scale and sufficient valuable assets to support its operations, failed to meet the requirements of section 13.24 of the Listing Rules, and was therefore unsuitable for listing. The Listing Committee therefore decided to uphold the Listing Division's decision to suspend trading of the Company's shares in accordance with section 6.01 (3) of the Listing Rules.

The company's core operation, the coke production business, has been suspended since October 2021. The company has repeatedly failed to implement its business plan to resume the coke production business. The company's latest plan is to resume coke production through these arrangements, but the plan is still in its preliminary stages and is subject to further financing. Over the past two years, the company has only been engaged in coke trading business, generating meager income and net loss. The Listing Committee did not consider the deterioration in the Company's financial performance to be a temporary decline. Overall, the Company failed to prove to the Listing Committee that its business is substantial, viable and sustainable.

According to Chapter 2B of the Listing Rules, the Company has the right to request that the Listing Committee's decision be submitted to the Listing Review Committee for review. Any application for review must be submitted to the Secretary of the Listing Review Committee within seven business days (i.e. on or before December 18, 2025) from the date of the Listing Committee's decision. Unless the Company applies for review, trading of the Company's shares will be suspended for 7 business days after the Listing Committee's decision (i.e. December 19, 2025). The Company is reviewing the Listing Committee's decision and is conducting internal and external related discussions and comments to decide whether to submit a review to the Listing Review Committee. The decision will be announced separately.