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NewOcean delays release of FY 2021 results, ‘catastrophic credit freeze’ amongst reasons

30 Jun 2022

Hong Kong-listed NewOcean Energy Holdings Limited on Wednesday (29 June) said it was unable to publish the audited annual results of the Group for the year ended 31 December 2021. 

Manifold Times previously reported the Company receiving a letter from the Stock Exchange setting out the resumption guidance for the resumption of trading in the Company’s shares including announcing all material information for the Company’s shareholders and investors to appraise the Company‘s position.

Some of the issues the Group outlined in the delay included relocation of its headquarters to Mainland China and the departure of a considerable number of staff


Due to the catastrophic credit freeze by the banks in year 2020, the Group was under tight cashflow. From year 2021 onward, the Group has gradually downsized its operating size and focused on generating lease income through leasing out the Group’s terminal facilities in Zhuhai and other fixed assets. 

Following the relocation of the headquarters function of the Group’s regional offices in Mainland China and the departure of a considerable number of Hong Kong management and account staff who were unable to accept the relocation of their place of work, the Group experienced difficulties in preparing preliminary annual results announcement of the Group for the year ended 31 December 2021. 

Due to the Covid-19 pandemic in the first half year of 2022, there were serious entrance restrictions imposed by the government in Hong Kong, and other regions in Mainland China, Hong Kong staff are not easy moving over to work in the headquarter in Mainland China. Moreover, the staff recruitment process have been severely affected as well. As at the dated of this announcement due to the outbreak of the Covid-19, the Group is unable to function properly and effectively. As a result of the current situation of the Group, the unaudited consolidated management account of the Group for the year ended 31 December 2021 remains unavailable. 

Accordingly, the Company was unable to publish: 

(i)the audited annual results of the Group on or before the end of March 2022 as required under Rule 13.49(1) of the Listing Rules; and 

(ii) the unaudited management account as required under Rule 13.49(3) of the Listing Rules. 

Upon the relaxation of the prevention measures and travel restrictions caused by the pandemic, the Group will continue to recruit additional professionals to further strengthen the financial reporting team of the Group and target to announce its unaudited and audited financial results for the year ended 31 December 2021 as soon as practicable.


As disclosed in the Announcements, the Bermuda Winding Up Petition and Hong Kong Winding Up Petition have been adjourned to 8 July 2022 and 27 July 2022 respectively.


The Company is working closely with its legal advisers and taking appropriate steps to fulfil the Resumption Guidance. The Company remains committed to using its best endeavours to fulfil the Resumption Guidance as soon as practicable and will update the shareholders and potential investors of the Company as and when appropriate should there be any material development on the Resumption Guidance.


Trading in the shares of the Company will continue to be suspended pending fulfilment of the Resumption Guidance.

Trading in the Company’s Shares may be suspended if any winding up order is made by the court with provisional liquidators appointed to the Company. Shareholders and potential investors should exercise caution when dealing in the Shares of the Company.

Manifold Times earlier reported NewOcean Energy Holdings Limited saying it experienced difficulties in preparing preliminary annual results of the Group for the year ended 31 December 2021.

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Photo credit: NewOcean Energy Holdings Limited
Published: 30 June, 2022

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