HK-listed Powerlong Commercial slumps on delaying audited annual results

Powerlong Commercial Management Holdings

25/03/2022 04:43

** Shares of Powerlong Commercial Management Holdings
 9909.HK  tumble 17.7% to HK$5.80, biggest daily percentage
decline since March 14
    ** Says unable to finalise and publish audited consolidated
financial statements by March 31 due to impact of COVID-19
epidemic in China, but will issue unaudited consolidated annual
results on March 29  
    ** The property management services arm of Powerlong Real
Estate  1238.HK  appoints Elite Partners CPA as its new auditor,
replacing resigned PricewaterhouseCoopers   (https://bit.ly/3qz411k)
    ** Elite Partners expects to complete its audit and deliver
its audit opinion by May 15 and the company says it will publish
the audited 2021 Annual Results as soon as practicable
    ** Stock hits lowest since March 16, extending losses for
the third session; third biggest percentage decliner in Hang
Seng Composite Index  .HSCI  and biggest among properties and
construction stocks  .HSCIPC  on the index
    ** Shares of Powerlong Real Estate, which is facing the same
issue, fall as much as 12.2% to HK$2.15, lowest since March 16
 urn:newsml:reuters.com:*:nFWN2VR11P
    ** Hang Seng Mainland Properties Index  .HSMPI  eases 0.4%, 
Hang Seng Index  .HSI  slips 1.6%, while the Hang Seng Composite
Index tracking properties and construction stocks  .HSCIPC 
edges up 0.03% 



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