Shanghai Industrial slumps as unit's account receivables in risk

Shanghai Industrial Holdings

12/01/2022 04:39

** Shares of Chinese property developer and hotel operator
Shanghai Industrial Holdings Ltd  0363.HK  fall 5.1% to
HK$11.28, their biggest daily pct decline since September 2016
    ** Stock hits the lowest since Dec 23, on course to snap
three-session rally; top decliner in Hang Seng Composite Index
on conglomerates  .HSCIC 
    ** Co says its unit Shanghai Industrial Development Co Ltd
 600748.SS  has received regulatory work memo from the Shanghai
Stock Exchange in relation to outstanding accounts payable to
the unit's 70%-owned SIIC Longchuang Smart Energy Technology Co
Ltd  urn:newsml:reuters.com:*:nFWN2TR1C5
    ** Says the total unaudited accounts receivable of SIIC
Longchuang amounted to 2.615 bln yuan ($410.85 mln) as end-2021
and part of the outstanding accounts receivable were from its
trade finance business which may not be recoverable
    ** Stock of the Shanghai unit  600748.SS  drops 5.5%, set
for worst day since July 2020
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 2%, 
Hang Seng Composite Index tracking conglomerates  .HSCIC  slips
0.3%, while Hang Seng Index  .HSI  rises 2.1%



($1 = 6.3649 Chinese yuan renminbi)

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