At least 33 firms see trading in their shares halted in Hong Kong after they failed to report annual results, compounding worries about the transparency of debt restructurings and further credit rating downgrades
The failure to report audited results will compound worries about the transparency of debt restructurings within troubled Chinese firms and could spark further credit rating downgrades.
It also comes as China's wider economy battles with sweeping lockdowns in key cities including Shanghai after a surge of coronavirus infections. The pandemic had led to the lockdown of an office building at the firm's Shanghai headquarters and quarantine of some staff, with the date for curbs to be lifted still uncertain, Shimao added.
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