12th Mar 2018 10:48
LONDON (Alliance News) - HaiKe Chemical Group Ltd said on Monday that the resolution to cancel its shares on AIM market has passed in its extraordinary general meeting.
Shares in the China-based investment company were untraded on Monday, last quoted at 25.65 pence.
HaiKe's shares are expected to be cancelled next Tuesday.
HaiKe said the reason for cancelling its AIM listing is that it does not believe that the listing has offered access to capital markets and an enhanced corporate profile, especially considering the the costs of remaining listed.
For 2017, profit fell by more than half to CNY6.5 million, or GBP741,667, from CNY16.9 million, or GBP1.9 million the year before, as overall sale volumes in the year fell 11% to 112,252 tonnes from 125,395 tonnes due to planned plant shutdowns.
Selling expenses in the year rose by 24% to CNY50.4 million from CNY40.5 million from more aggressive sales and marketing activities to address difficult market conditions, and general and administrative expenses increased by 21% to CNY61.9 million from CNY51.1 million, attributed to plant shutdown costs and start-up expenses.
However, revenue for 2017 rose to CNY850.5 million from CNY728.3 million in 2016.
