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Shimao Gets Trading Resumption Guidance from Hong Kong Bourse

MT Newswires ·  07/20 18:24

06:23 AM EDT, 07/20/2022 (MT Newswires) -- Shimao Group Holdings (HKG:0813) received a list of conditions that it must satisfy so it can resume trading on the Hong Kong bourse, according to a Wednesday disclosure.

Under the trading resumption guidance, the Chinese property developer must publish all outstanding financial results and conduct an independent investigation into the issues raised by its previous auditor.

Shimao was also ordered to carry out an internal review and demonstrate that it has adequate internal controls in place.

If the company fails to remedy the issues causing its trading suspension by the Sept. 30, 2023 deadline, the exchange would seek the delisting of Shimao Group.

Trading in the shares of the developer was suspended on April 1 and remains so.

Price (HKD): $4.42, Change: $-0.10, Percent Change: -2.21%

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