Chinese food and beverage company Winha Commerce and Trade listed on the Australian Stock Exchange (ASX) in January 2017. In July, the company reported FY17 results to 31 March which included material asset impairments. Over the next two months, two independent directors resigned without citing a reason. In November, the ASX suspended trading in Winha shares pending a response to its enquiries. Six months later, in May 2018, the company reported that the ASX wished to delist Winha as it had obtained a listing by artificial means. This included the number of shareholders (a satisfactory spread), the resignation of its independent directors and concerns over the impairment of its interest in Flavours Fruit & Veg (its plans to grow this business were integral to establishing a relevant connection with Australia and a significant factor in ASX’s decision to admit it to the ASX). While Winha was granted a temporary injunction by the courts, in July it agreed to delist from the ASX. 

Last updated May 2022.

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.