The Securities and Futures Commission has directed the stock exchange of Hong Kong to suspend all dealing in the shares of Cloudbreak Pharma (2592), effective at 9:00 am on Thursday.
The regulatory action was exercised under Section 8(1) of the Securities and Futures (Stock Market Listing) Rules, if the commission found materially false, incomplete, or misleading information included in corporate documents or announcements.
Cloudbreak Pharma is a clinical-stage ophthalmic drug developer with proprietary technology.
This US-based biotech firm debuted on the Hong Kong stock exchange in July last year, raising a total of HK$522 million.
Before its trading suspension on Thursday, the company's share price was HK$1.19, marking an 88 percent drop from its listing price of HK$10.1 last year.
The company reported a net loss of US$47.95 million(HK$374 million) for the first half of the year, compared with a net profit of US$5.19 million during the same period last year
