China Aoyuan drops 76% on resuming trading after 18-month suspension

China Aoyuan

25/09/2023 05:45

** Shares of property developer China Aoyuan Group  3883.HK 
plunge as much as 75.8% to their record low of HK$0.285, as
stock resumes trade after 18-month suspension
    ** Stock marks the biggest one-day drop since debut in
October 2007 if losses hold; biggest loser on the Hong Kong
bourse
    ** Guangdong-based developer, which halted trade on April 1,
2022 amid a delay in the auditing of its annual results for
2021, says it has fulfilled the resumption guidance, including
publishing all outstanding financial results
    ** Co, with current market value of HK$919 mln ($117.6 mln),
says it is making "significant progress" on its proposed
offshore debt restructuring and it is "making good progress" on
agreeing the form of the relevant documentation and is preparing
the relevant court filings 
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 3.3%,
while Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both fall 1.2%
    


($1 = 7.8159 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))