Dozens of Hong Kong-listed corporations droop buying and selling on earnings delay
The Hong Kong Exchanges & Clearing Ltd. (HKEX) brand is displayed on a display screen on the Alternate Sq. advanced in Hong Kong, China, on Aug. 19, 2020.
Roy Liu | Bloomberg | Getty Pictures
Shares of round 50 Hong Kong-listed corporations had been suspended from buying and selling on Thursday, based on inventory alternate filings, with many corporations citing delays in publishing their annual outcomes as the explanation for the transfer.
A lot of the corporations concerned are small-cap names, nonetheless, in addition they included some bigger corporations together with embattled unhealthy debt supervisor China Huarong Asset Administration and photo voltaic power agency GCL-Poly Power.
Lots of the filings mentioned the businesses had not revealed their 2020 full-year outcomes by the top of March, some citing difficulties brought on by the Covid-19 pandemic. Therefore, shares of those corporations needed to be suspended from buying and selling underneath Hong Kong’s itemizing guidelines.
Final yr, 384 Hong Kong corporations didn’t publish annual outcomes by March 31, however had been capable of proceed buying and selling after publishing unaudited accounts or different monetary info after the inventory alternate and markets regulator relaxed the principles because of the pandemic.
Such preparations weren’t permitted this yr.
The monetary reporting yr of lots of the roughly 2,500 Hong Kong-listed corporations is identical because the calendar yr.
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