The Hong Kong stock exchange suspended shares of over 30 Chinese firms from trading on Friday, April 1, 2022, for failing to declare annual results on time. The suspended stocks include developers Sunac China, Shimao Group, Kaisa Group, and over 30 other companies.

According to Reuters, Hong Kong-listed companies usually have three months to publish results after the end of the financial year. However, regulators in 2020 allowed trading to continue if companies whose audits were disrupted by pandemic curbs posted preliminary results without consent with auditors or published management accounts.

Hong Kong Exchanges and Clearing said in a statement, “The exchange is committed to maintaining a fair, orderly, and continuous market.”

As Reuters reported, citing the Hong Kong Stock Exchange, 14 over 32 companies had audits affected by pandemic influences.

In addition, many firms receive suspensions in trading notice from April 1 for missing a deadline to report annual results.

Shimao said in the announcement on Thursday, March 31, that its shares would be suspended for failing to publish the unaudited annual result in time.

On Monday, March 28, Sunac China stated that its shares would be halted for missing the deadline.

Kaisa Group said on March 22 that its trading shares would also be suspended for the same reason.

In addition, Aoyuan Healthy Life Group and Fantasia Holdings are among other companies on the trading suspension list for pending their annual result disclosure.

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