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Trading Halted in Over 50 Hong Kong Stocks After Earnings Deadline

Published 03/31/2021, 09:25 PM
Updated 03/31/2021, 09:54 PM
© Bloomberg. Pedestrians walk past the Exchange Square complex, which houses the Hong Kong Stock Exchange, in Hong Kong, China, on Tuesday, March 23, 2021. Baidu's stock offering in Hong Kong today marks an unlikely resurgence for founder Robin Li, who has fought his way back to relevance in China’s technology industry after squandering a near-monopoly in search. Photographer: Paul Yeung/Bloomberg

(Bloomberg) -- Scores of Hong Kong-listed companies suspended trading in their shares on Thursday, with some traders attributing the move to the firms’ failure to report their earnings in time.

The mass suspensions come as March 31 was the last day to report annual results for Hong Kong-listed companies. China Huarong Asset Management Co. was among the more than 50 firms that announced a trading halt. At least 9 Hong Kong companies suspended trading on April 1 of last year, versus about 25 on the same day in 2019.

Huarong Dollar Bond Spreads Jump to Widest in Six Months

Yuzhou Group Holdings Co., a Chinese real estate firm, said on Tuesday that its auditor Ernst & Young’s “strict” accounting standards were partly behind a collapse in the company’s profit last year. The stock slumped 7.9%.

©2021 Bloomberg L.P.

© Bloomberg. Pedestrians walk past the Exchange Square complex, which houses the Hong Kong Stock Exchange, in Hong Kong, China, on Tuesday, March 23, 2021. Baidu's stock offering in Hong Kong today marks an unlikely resurgence for founder Robin Li, who has fought his way back to relevance in China’s technology industry after squandering a near-monopoly in search. Photographer: Paul Yeung/Bloomberg

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