China New Energy - what happened?

Penny Farthing

Newbie
4 1
Hi all, wondered if you have any thoughts on this...earlier in the year I purchased some shares in China New Energy on the LSE (LON:CNEL).
This was unusual for me, I tend to invest in funds/ITs/ETFs and hold only handfuls of individual stocks. But I was tempted due to the bizarre circumstances in which we found ourselves. In a few months they had tripled in value.
The next time I looked, some months later, they appear to have been delisted from the London Stock Exchange around 14th July 2020.
They still appear to be listed on the Hong Kong stock exchange (stock code 1156).
I can't seem to get any advice on this, I have tried writing to the company, no reply. I presume I have lost my money or is there a way I can recover some money via the Hong Kong stock exchange?
I know I'm being naive here, I can understand a company going bust but can't understand how they can simply delist from one stock exchange, taking my money and continue to trade on another stock exchange.
Grateful for any advice.
 

BigDeal

Member
70 29
This company was listed on AIM but cancelled their UK listing in July 2020 and re-listed on the Hong Kong exchange. You should still own your shares. You should contact your broker in the first instance and they should be able to guide you further.
 
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Penny Farthing

Newbie
4 1
This company was listed on AIM but cancelled their UK listing in July 2020 and re-listed on the Hong Kong exchange. You should still own your shares. You should contact your broker in the first instance and they should be able to guide you further.
Thanks for your reply. I bought the shares through my Tilney BestInvest account. They are simply greyed out now on my statement. I asked BI for advice and they said they are delisted which "is normally a bad sign", it usually means the company has gone bust. I only spoke to their first line, I get the impression he knew less than me. He said I might be able to sell them on the "outside market" but didn't explain further. I'd like to get more information before I ring them back. They were very vague.

Still confused as to how to 'find' the Hong Kong shares in my name and sell them.
 

BigDeal

Member
70 29
Delisting can be for different reasons. It can be when a company goes out of business, but in this case it looks like they wanted to delist from AIM and relist on an exchange closer to home?

This takes you to the LSE website. with a couple of contacts you could try:


About 2/3 of the way down this article it states 'For the avoidance of doubt, no shares will be cancelled and shareholders will maintain their interest in the Company upon Admission'

Hope you get it sorted.
 
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Penny Farthing

Newbie
4 1
Delisting can be for different reasons. It can be when a company goes out of business, but in this case it looks like they wanted to delist from AIM and relist on an exchange closer to home?

This takes you to the LSE website. with a couple of contacts you could try:


About 2/3 of the way down this article it states 'For the avoidance of doubt, no shares will be cancelled and shareholders will maintain their interest in the Company upon Admission'

Hope you get it sorted.
This:-
For investors who did not return an election form, Hong Kong share certificates shall be sent to the registered address. For the avoidance of doubt, no shares will be cancelled and shareholders will maintain their interest in the Company upon Admission. For further information on receiving their share certificates or trading their shares on HKEx, shareholders should contact their brokers or financial advisers.
So BestInvest, as my broker, might have received share certificates on my behalf. I'll ring them again tomorrow. Many thanks for your help BigDeal.
 
 
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