On May 16th local time, according to related media report, Dozens of Hong Kong Listed Companies submitted applications to the Hong Kong Exchanges and Clearing Limited (HKEX) to request extensions on a May 16th deadline to release their audited annual earnings results, allowing them to avoid the risk of trading suspensions.
According to the exchange rules, a company’s shares will normally be halted if it doesn’t report audited results three months after the fiscal year ends. However, at least 33 listed firms have filed for a waiver to the HKEX before the deadline this year. The firms include distressed Chinese property developer Guangzhou R&F Properties Co., whose auditor PricewaterhouseCoopers LLP resigned last month.
The bourse has said although most companies ‘reasons for exemption were based on their exposures to the CCP virus Pandemic, it would consider such applications on a case-by-case basis.
As of early that day, at least two stocks on the HKEX had their trading halted, Hang Seng Index has fallen 15%.
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