HONG KONG, Nov. 2, 2015 /PRNewswire/ -- Sihuan Pharmaceutical Holdings Group Ltd. (HKEx: 0460) ("Sihuan Pharmaceutical" or the "Group") has become aware of certain media reports stating the Group's application for resumption of trading has been "denied" or "rejected" by The Stock Exchange of Hong Kong Limited (the "Stock Exchange").
In response to these media reports, the Group clarifies that the outcome of the Group's application for resumption of trading has not been "denied" or "rejected". As stated in the Group's announcement dated 29 October 2015, the Stock Exchange is preparing a list of queries with regard to the matter. The Group is required to address all such queries to the satisfaction of the Stock Exchange before the Stock Exchange would consider whether the Company is in a position to resume trading. In other words, the Stock Exchange has not "denied" or "rejected" the Group's application for resumption of trading, but is still in the process of handling the Group's application for resumption of trading.
In addition, the Group would like to reiterate that it is making every effort to meet the Stock Exchange's requirement for the resumption of trading. For instance, the Group has appointed an internal control consultant, who has conducted and completed its review in accordance with the COSO internal control framework, to ensure the Group has put in place adequate financial reporting procedures and internal controls to meet its obligations under the Rules Governing the Listing of Securities on the Stock Exchange. The Group has also taken steps to implement the recommendations of the forensic accountant to strengthen the Group's financial and internal control framework. Furthermore, the Group has made appropriate and timely announcements to keep shareholders and the public informed of, among others, latest developments pertaining to the Group's operations as well as the application for resumption of trading. The Group understands investors' desire for the Group to resume trading as soon as possible. Currently, we are awaiting queries from the Stock Exchange, which the Group will respond to and communicate with the Stock Exchange in a timely manner to aid the Stock Exchange's full comprehension of the matter, and in turn, its review of the Group's application for resumption of trading. The Group will strive to resume trading as soon as possible and to protect the interests of our shareholders.
About Sihuan Pharmaceutical Holdings Group Ltd.
Founded in 2001, Sihuan Pharmaceutical Holdings Group Ltd. is a leading Chinese pharmaceutical corporation and the largest cardio-cerebral vascular drug franchise in China's prescription drug market by market share. The Company also became the fourth largest pharmaceutical company in terms of hospital purchase in China's hospital market by the end of 2014. The success of the Company can be attributed to its differentiated and proven sales and marketing model, extensive nationwide distribution network, young and diversified product portfolio, and strong R&D capabilities. The Company's current products encompass the top five medical therapeutic areas in China: cardio-cerebral vascular system, central nervous system, metabolism, oncology and anti-infectives. Its major products such as Kelinao, Oudimei, Yuanzhijiu, Qu'ao and Chuanqing are widely used in the treatment of various cardio-cerebral vascular diseases.