Chinese developer Shimao drops as co sees delay in annual results

Shimao Services Holdings

22/03/2022 02:49

** Shares of Chinese property developer Shimao Group
Holdings  0813.HK  fall as much as 9.9% to HK$4.38, the biggest
intraday percentage loss since March 14
    ** Stock on track for a third straight session of losses;
second-biggest percentage decliner in Hang Seng Composite Index
on properties and construction stocks  .HSCIPC  
    ** Co expects the publication of its audited 2021 annual
results to be delayed by a month because the audit process has
been affected as certain management and employees have been
placed under quarantine in COVID-19 outbreak while there has
been a delay in obtaining certain external confirmations from
third parties for the audit  urn:newsml:reuters.com:*:nFWN2VO0TD
    ** Co estimates the audited annual results will be published
on or before April 30 and will publish the unaudited annual
results on March 31 to ensure there is no disruption in the
trading of its shares
    ** Its property management unit Shimao Services  0873.HK 
falls 9.5% to HK$4.28, biggest daily percentage drop since March
15 
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 1% and
Hang Seng Composite Index, tracking properties and construction
stocks  .HSCIPC , slips 0.2%
    ** Hang Seng China Enterprises Index  .HSCE  climbs 0.9%,
and the benchmark Hang Seng Index  .HSI  gains 0.7%


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