The China-based Practice Note 17 (PN17) company will be de-listed on Feb 9, Bursa Securities said in a statement last Friday.

The sorry saga of China Automobile first came to light when it was classified as a PN17 firm in January 2018 after its auditors expressed a disclaimer of opinion on its financial statement for the year ended Dec 31, 2015.

The financially distressed company was to submit its regularisation plan and get the authorities’ approval by January 2019 but has failed multiple times since then to submit the plan.

It had requested a further extension in September last year, but Bursa Securities rejected the appeal in November. The final nail in the coffin came last Friday when the exchange operator dismissed its appeal for a further extension.

Upon the de-listing, China Automobile will continue to exist but as an unlisted entity, Bursa Securities said.

“The company is still able to continue its operations and businesses and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance.

“However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” said Bursa Securities.

Trading in the company’s shares had been suspended since Nov 18 last year. Its net loss widened to 3.42 million yuan (RM2.15 million) for FY2022, from 348,000 yuan (RM218,420) a year ago.

An investment holding company, China Automobile, through its subsidiaries, is principally engaged in the manufacturing of chassis components used in automobiles for transporting goods. The company was founded in 2012 and is headquartered in Jinjiang, China, according to Barron’s.