FX Broker KVB Kunlun secures HK Stock Exchange approval for transfer of listing - FinanceFeeds

FX Broker KVB Kunlun secures HK Stock Exchange approval for transfer of listing

It is expected that dealings in KVB Kunlun’s shares on the Main Board (stock code: 6877) will commence at 9:00 a.m. on December 15, 2017.

Hong Kong-focused retail FX broker KVB Kunlun Financial Group Ltd (HKG:8077) has secured the approval of the Hong Kong Stock Exchange to transfer its listing from GEM to the Main Board.

The broker filed the application for the transfer on August 30, 2017, and now has obtained the necessary consent. The Company has applied for the listing of, and permission to deal in, (i) 2,033,240,000 Shares in issue; and (ii) 151,600,000 new Shares, being the maximum number of new Shares which may fall to be issued pursuant to the exercise of all options which has been or may be granted under the Share Option Scheme, on the Main Board by way of the Transfer of Listing.

The Board announced today that the approval-in-principle for the Transfer of Listing has been granted by the Stock Exchange on December 6, 2017 for the Shares to be listed on Main Board and de-listed from GEM.

The last day of dealings in KVB Kunlun’s shares on GEM (stock code: 8077) will be December 14, 2017. It is expected that dealings in the company shares on the Main Board (stock code: 6877) will begin at 9:00 a.m. on December 15, 2017.

The broker notes that there will be no changes to the English or Chinese stock short names of the company, the existing share certificates, the board lot size, the trading currency of the shares and the share registrars and transfer offices of the company following the transfer of listing.

The Board believes that the listing transfer will enhance the corporate profile of KVB Kunlun. This will, in turn, add to the competitive strength of the group and boost the confidence of its investors and stakeholders. The Board also expects that the Main Board trading platform will enhance the trading liquidity of the Shares as well as the fund raising capability of the Group.

The Board notes that that it has no immediate plans to change the nature of the business of the Group following the Transfer of Listing. The Transfer of Listing will not involve the issue of any new Shares by the Company.

Currently, the Shares are traded in the board lot of 5,000 Shares each and are traded in Hong Kong dollars. The principal share registrar and transfer office of the Company is Conyers Trust Company (Cayman) Limited, and the Hong Kong branch share registrar and transfer office of the Company is Union Registrars Limited.

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