> They were not under requirements to hold an IPO; they were required to provide public liquidity to their shareholders
No, their SHA specifically said they paid penalties if the IPO happened after a certain date (roughly speaking). If no IPO ever happens, no penalty is owed. It's cheeky, but apparently it works. (In any case, nobody will sue after today's performance.)
No, their SHA specifically said they paid penalties if the IPO happened after a certain date (roughly speaking). If no IPO ever happens, no penalty is owed. It's cheeky, but apparently it works. (In any case, nobody will sue after today's performance.)