Recently, listed companies have been releasing their 2020 financial reports, and according to statistics, as of the 6th, there are as many as 93 listed companies in Hong Kong that still cannot release their financial reports. This is a very rare situation in the Hong Kong stock market, in which 60 companies will be suspended from trading, not in time for the final earnings release date of March 31, and the market value of the 60 companies to be suspended exceeds HK$180 billion (about NT$666 billion).
According to reports, the 60 suspended companies in Hong Kong are mostly private companies and low-priced stocks, including companies whose main business is in the United Kingdom, the United States and Singapore, while some are caused by the impact of the closure of the city in Hebei, which has surpassed the number of company suspensions in 2019.
According to the accountant’s statement said that under the impact of last year’s epidemic, in the face of the high standards required by the Hong Kong Finance and Exchange Bureau, auditors still have the need to go north, but China generally requires a 14-day or 21-day quarantine and isolation period, coupled with the cross-provincial isolation policy, the start time is significantly delayed.
Auditors are facing great pressure in checking going concern, asset impairment, and assessing liabilities, etc. Some companies are even having difficulty in “burying the numbers” for their financial statements, and a large number of companies are currently suspended from trading, making it impossible for minority shareholders to trade. .
In addition, it is understood that due to the implementation of the Hong Kong National Security Law, Beijing’s relations with the United Kingdom and the United States have become tense and even worse, forcing some of the British and American companies to withdraw from Hong Kong.
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