HONG KONG: Trading in more than 50 Hong Kong-listed companies was suspended yesterday, after a number of firms failed to report earnings ahead of the March 31 deadline.
The mass suspensions come as Wednesday was the last day to report annual results for Hong Kong-listed companies. GCL-Poly Energy Holdings Ltd and China Huarong Asset Management Co were among the firms that announced a trading halt. At least nine Hong Kong companies suspended trading on April 1 of last year, versus about 25 on the same day in 2019.
“It’s a bit surprising to me that so many firms delayed their earnings and most of their filings didn’t explain very clearly, ” said Daniel So, a strategist at CMB International Securities Ltd. “This year surprisingly there are so many delays, much more than last year when the pandemic hit. The longer they delay in reporting earnings, the worse it will be for their share prices.”
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