Tom Group's subsidiary Tom Online officially delisted from the Hong Kong Stock Exchange yesterday, where it traded under the ticker symbol 8282.
Tom Group said in the announcement that Tom Online's withdrawal from the stock market had been approved on August 31, 2007. Tom Online will also withdraw from Nasdaq on September 6.
Tom Group said that each of Tom Online's investors would soon receive a cash check which would be posted to them between September 7 and September 10.
Tom Online has been plagued by financial worries since most of its revenue has come from wireless value-added services in China, but these services have seen diminishing returns for many companies in this sector.
I previously had bought their stock and was fooled by their talk of high wireless revenue. I'm so happy to see they finally took their stock off the table. KONG and HRAY not doing well either.