2022/04/01
Hong Kong stocks ushered in a new quarter, but trading in over 30 listed firms halted in April on earnings delays. Many of which are domestic property developers and subsidiaries, raising expectations of an overhaul in the world’s most indebted developer.
At least eight shares of Chinese developers were suspended for failure to produce timely audited results, such as heavily indebted Sunac China, Shimao, Kaisa, and Fantasia, property management companies such as Aoyuan Health and Color Life, and China Evergrande New Energy Vehicle Group Ltd (0708.HK), a unit of embattled developer China Evergrande Group (3333.HK) and had just resumed trading on Wednesday. He Fuhui, engaged in property agency and management, said the suspension was possibly due to acquisition.
Under listing rules, companies are required to suspend trading if they are unable to publish results within three months of the end of the financial year.
Most developers blamed Covid-19 pandemic curbs and the implementation of blockades in some Chinese cities, making it impossible to review their business conditions.
Scholar believes it is a sign of potential corporate governance and financial transparency issues. “If the trading of shares is suspended for a long time, it will harm the interests of shareholders.”
“The exchange would actively monitor developments to ensure suspensions were as short as reasonably possible,” Hong Kong Exchanges and Clearing (HKEx) said in a statement.
Earlier, accounting firms like PwC had resigned from the audit of the financial statements of some real estate developers, causing the market to pay attention to information disclosure and accounting issues.
According to "Bloomberg" data, Chinese developers faced more than 11.5 billion (USD) of bonds and trust products in April, which need to be paid, and some have planned to roll over.
Although many property developers believe that the industry has seen the "policy bottom", property market remains downturn as sales are still grim. In March, less than 1,300 second-hand transactions were sold in Shenzhen, down more than 80% year-on-year, statistics from the Shenzhen Housing and Urban-rural Development Bureau show.
港股迎來新一季度，但逾30間上市企業，由於延遲公布業績等原因，四月起停牌，其中不少是內房商及附屬公司。包括融創中國、世茂、佳兆業、花樣年等至少八間內房商，奧園健康和彩生活等物管股，另外亦有周三才復牌的恒大汽車。從事物業代理和管理的合富輝煌，則表示停牌是由於涉及出售或收購。
根據上市規則，若企業未能在財年結束後三個月內公布業績，就需要停牌。
不少企業歸咎於內地疫情反覆，和部分城市實施封鎖防控，導致無法審核經營狀況。
學者認為，若股份長時間暫停買賣，會損害股東利益。
港交所表示，會積極監察事態發展，協助企業遵守上市規則，盡可能縮短股份停牌時間。但早前有會計師行辭任內房商的財務報表審核工作，引發市場關注信息披露和帳目問題。
《彭博》數據顯示，內房商四月面臨逾115億美元債券和信託產品，需要兑付，個別已經計劃展期。雖然不少內房商都相信行業已見「政策底」，但銷售仍然嚴峻。深圳住建局統計，深圳三月二手買賣成交不足1,300間，按年大跌逾八成。
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