Trading Halts for 33 Hong Kong Firms After Earnings Delay

The Hong Kong stock exchange suspended trading for 33 firms over a delay in declaring their annual earnings.

Major Chinese developers Shimao Group, Sunac China, and Kaisa Group are among the firms suspended from trading on Friday.

Firms listed in the Hong Kong exchange are usually given three months after the end of the financial year to report their annual earnings. For pandemic-related delays, however, the bourse allows firms to submit unaudited reports before the deadline and file the audited version by April 30.

The suspended firms had failed to submit their unaudited reports before the March 31 deadline.

From the suspended firms, 14 delayed their filings due to being hit by the COVID-19 outbreak. Shimao Group on Thursday said it was unable to publish results on time due to pandemic curbs.

Sunac China and China Evergrande New Energy Vehicle Group, a unit of the embattled developer, said their trading was suspended for similar reasons.

The exchange said that it would monitor developments and ensure suspensions were as short as possible.

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