-- Starcoin Group (HKG:0399) obtained an interim injunction against a decision to suspend trading in its shares and will apply for a judicial review, according to a Wednesday Hong Kong bourse filing.
The listing review committee upheld the suspension decision on the grounds that the company failed to maintain a sufficient level of operations under listing rules, the filing showed.
The listing review committee cited limited progress in the company's core oral insulin product and noted that its other businesses lack scale, track record, or proven revenue-generating capability, the filing showed.
It also noted the company's financial position, including HK$1.1 billion in total assets, mostly intangible assets, and HK$1.1 billion in net current liabilities, as well as reliance on a substantial shareholder for funding.