Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

China Evergrande says improved internal control may address listing rules

Published 08/21/2023, 10:33 AM
Updated 08/21/2023, 02:46 PM
© Reuters. FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo
3333
-

(Reuters) - Embattled property developer China Evergrande (HK:3333) Group said on Monday it was confident its internal controls and processes had improved and could meet the listing rules of the Hong Kong stock exchange.

Trading in the company's shares was suspended on March 21 last year after it got sucked into a debt crisis.

The company said trading will remain suspended until further notice.

© Reuters. FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo

Last week, Evergrande sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies undergoing restructurings from creditors that would rather sue them or tie up assets in the United States.

The developer said it had appointed RSM Nelson Wheeler Consulting to conduct a review on its internal control and procedures, and Crowe (HK) Risk Advisory to conduct a review on certain issues raised by its former auditor.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.