Chinese developer Hopson set for worst day on record after PwC resigns as auditor

Hopson Development Holdings

28/01/2022 02:29

** Shares of Hopson Development Holdings Ltd  0754.HK  drop
31.5% to HK$11.20, the bigget daily percentage drop since debut
in May 1998, and on course for fifth straight session of losses
    ** Stock biggest decliner in Hang Seng Composite Index
tracking properties and construction stocks  .HSCIPC  and second
biggest on the Hong Kong bourse
    ** Co says PricewaterhouseCoopers (PwC) agreed to resign as
the auditor of the company with effect from Jan. 27  urn:newsml:reuters.com:*:nFWN2U71BA
    ** Says the company and PwC could not reach a consensus on
the audit fee for the financial year ended in December 2021
    ** Says PwC has not obtained information from the company's
management for matters including accounting treatment of certain
equity investments, property projects and valuation of
investment properties, and PwC could not complete the necessary
audit procedures
    ** Says company considers it premature to provide further
information and documents in relation to the equity investments,
property projects and investment properties for determining the
accounting treatment and valuation in the audit for FY2021
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 1.1%
and the Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  slips 0.6%, and Hang Seng Index  .HSI  eases
0.5%


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