DeHeng Provided Legal Services for

Primeview Holdings' Resumption of Trading on HKEX

2019-07-05

On July 4, 2019, Primeview Holdings Co., Ltd. (stock code: 00789.HK, hereinafter "Primeview Holdings" or "Company"), a company listed on the main board market of HKEX, published an announcement to officially announce that the Company met the conditions for resumption of trading. Trading of the Company's shares will be resumed on 9:00 a.m. of the next day.

Primeview Holdings specializes in the retail and distribution of fashion accessories and related e-commerce businesses. The announcement shows that as of March 31, 2019, the Company achieved annual revenue of HK$271 million, a year-on-year increase of 3.54 times; and gross profit of HK$85.966 million, a year-on-year increase of 3.08 times. As consumer shopping habits in China have been changing in recent years, the Company's integrated accessories retail and distribution business through brick-and-mortar retail stores has shrunk year by year. On October 27, 2017, the Company received a letter from the HKEX in which it decided to include the Company in the first stage of the delisting procedures in accordance with the Article 17 of the Application Guidelines of the Listing Rules , on the grounds that Primeview Holdings failed to maintain sufficient operating level or to have tangible assets of sufficient value and/or intangible assets of sufficient potential value to support the continued listing of the Company's shares on the HKEX in accordance with Article 13.24 of the Listing Rules. The Company previously announced the suspension of trading on July 3, 2017.

Since the first phase of the delisting procedures, DeHeng Shenzhen office was invited to be involved in the project, and established a working group headed by lawyers Su Qiyun and Liu Shuang, supported by lawyers Huangfu Tianzhi, Wang Yang and Zhang Zhipeng. The group conducted a comprehensive and meticulous legal due diligence on all domestic subsidiaries of the Company, assisted the Company in clarifying various interests of tangible and intangible assets including numerous trademarks within China, clarified the compliance operations of domestic subsidiaries, and cooperated with Alliance Capital, the financial adviser of this project, in completing the independent verification work efficiently. The team provided professional, comprehensive and efficient legal services for the successful resumption of trading of Primeview Holdings, and was highly praised by the client for its services.