Baker McKenzie has advised National United Resources Holdings Limited ("National United Resources") on its successful resumption of trading of its shares on the Hong Kong Stock Exchange starting 10 March 2022.
As directed by the Securities and Futures Commission (“SFC”) pursuant to section 8(1) of the Securities and Futures (Stock Market Listing) Rules, National United Resources was suspended from trading since August 2016. The trading resumption on 10 March 2022 marks a significant achievement for National United Resources. National United Resources obtained the SFC's permission for trading of its shares to recommence under section 9(3) of the Securities and Futures (Stock Market Listing) Rules after being suspended for trading for over five years.
National United Resources is an investment holding company principally engaged in car rental and shuttle bus services. The car rental and shuttle bus business caters to particular capacity requirements, offers particular types of vehicles (with its fleet of 800 electric buses and fuel buses), and provides (i) point-to-point / contracted tailor-made services for employees/students of institutional customers; (ii) car rental services without a chauffeur, and (iii) chauffeured car rentals for business, leisure and government trips as well as events.
The Baker McKenzie team was led by Dispute Resolution Partner Bryan Ng with support from Associate Cheryl Tang, both based in Hong Kong SAR. Since late 2016, the team has advised and guided National United Resources in dealing with the suspension directed by the SFC. After years of efforts, the team helped National United Resources in making the successful application to the SFC for obtaining permission of the trading resumption.
"We congratulate National United Resources and its management on making this achievement possible. We are grateful for their trust in us throughout the years," Bryan said. "The path to resumption is challenging, yet we are very pleased to be able to assist National United Resources and its directors during the difficult times and draw on our strong contentious regulatory experience and expertise in assisting them to achieve this."