KVB Kunlun aims to transfer listing to Main Board of Hong Kong Exchange
KVB Kunlun also expects that the Main Board listing will help enhance trading liquidity of the brokerage shares and will boost its fund raising capabilities.
Hong Kong-focused retail FX broker KVB Kunlun Financial Group Ltd (HKG:8077) is seeking to change its listing. In an announcement out today, KVB Kunlun’s Board says the broker has submitted a formal application to the Stock Exchange on for a proposed transfer of its listing from GEM to the Main Board. The Company has applied for the listing of and permission to deal in
- the existing Shares in issue;
- the new Shares which may fall to be issued upon the exercise of all options which may be granted under the Share Option Scheme, on the Main Board by way of transfer of the listing from GEM to Main Board.
The planned transfer will not involve the issue of any new Shares by the broker.
The definitive timetable for the transfer has not yet been finalised. There is no assurance that the broker will proceed with the Proposed Transfer of Listing.
The Board sees the proposed transfer as a means to enhance the corporate profile of the company. This is also set to add competitive strength to the brokerage and boost the confidence of its investors and stakeholders. The Board also expects that the Main Board trading platform will enhance trading liquidity of the shares of the broker as well as improve its fund raising capabilities. All of these factors are poised to ultimately contribute to increasing value to the KVB’s shareholders.
Earlier this month, KVB Kunlun announced the resignation of Mr. Ng Chee Hung Frederick as executive director of the company. The move is effective November 17, 2017. The resignation was explained via Mr Ng’s personal future plans. He has confirmed that there is no disagreement between him and the Board of KVB Kunlun.
Mr Ng has more than 26 years of experience in the financial services industry. Prior to joining KVB Group, he had worked at corporations in Hong Kong, Toronto, Tokyo, Singapore and Shanghai.