,Market negative: An electronic ticker board displays various stock prices as mask-clad people gather by a fountain at Exchange Square in Hong Kong. Trading halts may dampen investor sentiment toward Hong Kong’s stock market. ─ AFP
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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.”
Trading halts may dampen investor sentiment toward Hong Kong’s stock market, where the benchmark gauge briefly slumped into a technical correction late last month amid setbacks in the city’s vaccine rollout and as traders rushed to sell pricey stocks in the wake of rising bond yields.
“Many investors could be worried about their earnings and quality of reports, ” So of CMB International said. “If they report quickly and the audit report doesn’t have a negative opinion on those companies, it should be fine.”
The trading halts come as the Securities and Futures Commission said in February that it would enhance collaboration with the Financial Reporting Council, which oversees audit activities in Hong Kong, to ensure the quality of financial reporting.
Separately, the China Securities Regulatory Commission (CSRC) vowed to advance cooperation on cross-border auditing earlier this year in a statement on its work plan for 2021. The CSRC said it would set up cross-ministry work groups to strengthen crackdowns on illegal behaviors including frauds in IPOs and financial reporting, market manipulation.
“The CSRC has had a greater drive over the past years to make sure the financials of Hong Kong firms are sound as domestic investors have a growing rate of participation in Hong Kong, and this is in line with their goal onshore, ” said Yu Yingbo, investment director at Shenzhen Qianhai United Fortune Fund Management Co.
The CSRC didn’t reply to a fax seeking comment on whether the work plan has had an impact on financial reporting. China Huarong said it will delay delivering its earnings as it seeks to complete a transaction. The manager of bad loans said its auditor will need more time as a transaction is still being finalised, according to a company filing. ─ Bloombergusdt跑分网声明:该文看法仅代表作者自己，与本平台无关。转载请注明：apple developer enterprise account for rent：Hong Kong hit by dozens of trading halts