BRIEF: HC Group to delist Beijing Panpass unit from NEEQ
B2B e-commerce platform operator HC Group Inc. (2280.HK) said last Friday that its Beijing Panpass subsidiary will apply to delist from the thinly traded NEEQ exchange in Beijing and will put the matter before a general shareholder meeting.
HC Group was the first Chinese B2B e-commerce platform to list in Hong Kong, and its early market prominence once rivaled that of Alibaba (9988.HK; BABA.US). The company debuted on Hong Kong’s Growth Enterprise Market (GEM) in 2003 and transferred to the Main Board in 2014. But it has suffered from lackluster performance in recent years, as its business contracted.
The company changed its auditor in March amid auditing issues, triggering a suspension of its shares. As the auditing issues continue, the company has repeatedly delayed the release of its 2025 annual results.
HC Group’s shares peaked at HK$23.58 in 2014, but have fallen ever since and last traded at just HK$0.206 before the trading suspension.
By Lau Chi Hang
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