HONG KONG, April 1 (Reuters) – The Hong Kong inventory change suspended from commerce on Friday the shares of Chinese language builders akin to Sunac China (1918.HK), Shimao Group (0813.HK) and Kaisa Group (1638.HK), and about 30 different companies for a delay in declaring annual outcomes.
Hong Kong-listed companies often have three months after the top of the monetary 12 months to publish outcomes, although regulators in 2020 allowed commerce to proceed if corporations whose audits have been affected by pandemic curbs issued preliminary outcomes with out settlement with auditors, or revealed administration accounts.
“The change is dedicated to sustaining a good, orderly and steady market,” the change operator, Hong Kong Exchanges and Clearing (HKEx), mentioned in a press release.
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It will monitor developments to make sure suspensions have been as brief as moderately attainable, it added.
Of the 32 companies suspended for lacking the March 31 deadline, 14 had audits affected by pandemic curbs, the change mentioned. That in contrast with 57 suspended within the corresponding interval final 12 months, when two have been associated to COVID-19.
Late on Thursday, Shimao Group mentioned its shares can be suspended from Friday because it was unable to publish unaudited 2021 leads to time, due to the outbreak.
A Inventory Alternate of Hong Kong (HKEX) brand in Beijing, China September 4, 2020. REUTERS/Tingshu Wang
The pandemic had led to the lockdown of an workplace constructing on the agency’s Shanghai headquarters and quarantine of some workers, with the date for curbs to be lifted nonetheless unsure, Shimao added.
On Monday, Sunac China had mentioned buying and selling in its shares can be halted for lacking the HKEX deadline.
On Tuesday, China Evergrande New Vitality Car Group Ltd (0708.HK), a unit of embattled developer China Evergrande Group (3333.HK), flagged a suspension for a similar cause.
The agency would work with its auditor to publish leads to about three months and search to renew buying and selling as quickly as attainable, it added.
Different corporations dealing with buying and selling suspensions over the delay included Aoyuan Wholesome Life Group (3662.HK), Fantasia Holdings (1777.HK) and Kaisa Group (1638.HK).
In Shanghai, extra Chinese language corporations are halting home itemizing plans, because the coronvirus outbreak hampers due diligence and information-gathering. learn extra
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Reporting by Donny Kwok and Alun John; Enhancing by Clarence Fernandez
Our Requirements: The Thomson Reuters Trust Principles.
