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Exclusive Content:

More than 60 Hong Kong stocks have suspended trading since they failed to announce last year’s financial results in late March.

As many Hong Kong stocks failed to announce their 2023 financial reports on time before the end of March, there was a rare wave of “trading suspension” for Hong Kong stocks on the 2nd, the first trading day of April.These included large Chinese real This includes estate companies that failed to declare their results on time as scheduled on the evening of March 28.country gardenThere are other Chinese real estate companies that are still doing business, such as Ronshine China, Shangkun Real Estate, Modern Land, Yeida China and many other Chinese real estate developers have announced the suspension of business.

According to China Securities Journal and Yinshi Finance, Country Garden announced on the morning of the 2nd that trading of the company’s shares on the stock exchange will be suspended from 9 am until the release of its 2023 annual results. It is worth noting that Country Garden’s share price had fallen to HK$0.485 per share before the trading suspension.

Judging from the listing rules of the Hong Kong Stock Exchange, companies with results as of the end of December last year must declare their results on or before March 31 this year, otherwise they will face suspension of trading. Since Country Garden issued an announcement on March 28 that it may face trading suspension if it fails to disclose its results as scheduled, the market is not surprised by its trading suspension today.

Country Garden said in an announcement on March 28 that due to the continuous fluctuations in the industry, the operating environment it faces has become increasingly complex, and it needs to collect more information to make appropriate accounting estimates and decisions. need to; Also, as the debt restructuring work of the Company is still in progress, given the large number of projects and their wide distribution, the relevant due diligence investigation involves a larger workload and higher complexity, requiring careful assessment of the relevant financials. More time is required to collect information. The present and future financial resources and financial liabilities of the Group. Therefore, it is expected that it will take longer to prepare the financial reports, and the results may not be published before March 31, 2024 in accordance with the relevant rules of the Hong Kong Stock Exchange.

However, Country Garden said that despite the above situation, the Board of Directors and the company’s management are committed to continuing to actively negotiate with creditors on debt restructuring issues. Additionally, they will continue to work closely with auditor PricewaterhouseCoopers to publish. Relevant reports as soon as possible., adding that the suspension will not have any major impact on the company’s operations.

At the same time, not only Country Garden, but so far more than ten real estate companies, including Ronshine China, Modern Land, Hengda Group Holdings, Daxin China, Yida China, Shangcun Real Estate, Zhengshang Industrial, Jinao International, Tiannan, etc. Trading was suspended due to the announcement not being made on time. If long-term suspended companies are taken into account, there were about 100 companies last month.hong kongListed company announcements should be postponed to release results.

Liu Shui, corporate research director of China Index Research Institute, said that real estate companies should actively take advantage of policy opportunitiesfinancing, which can “reduce expenses and increase revenues” from both stock and incremental aspects. In terms of existing loans, real estate companies can use existing policies to carry out loan renewal and appropriate extension to optimize the loan structure. In the pursuit of increased financing, companies should understand the latest policies, revive operating assets, expand financing channels and thereby increase their margin of safety.

China(TagstoTranslate)Country Garden(T)Financing(T)Hong Kong


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