HONG KONG, April 1 ― More than 30 firms, including at least two major Chinese property developers, saw trading in their shares halted in Hong Kong today after they failed to report annual results.
Major Chinese developers Shimao Group and Sunac China were among at least 33 companies suspended on Friday.This year's trading suspension figure compares with more than 50 for 2021 and at least nine for 2020, according to Bloomberg News. Because of virus-related delays, Hong Kong's stock exchange allowed firms to submit unaudited figures by March 31 and the audited version by April 30 to avoid suspension.
The failure to report audited results will compound worries about the transparency of debt restructurings within troubled Chinese firms and could spark further credit rating downgrades.