Stock Groups

China developer Kaisa says earnings results delayed due to lockdown, shares slide -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This sign for Kaisa Plaza is a Kaisa Group Holdings real estate development, and can be seen at Beijing, China, December 1, 2021. REUTERS/Tingshu Wang

By Clare Jim

HONG KONG, (Reuters) – A lockdown in Shenzhen meant that Kaisa Group’s audit work was not completed. It would therefore not be able publish its financial results before March 31. This sent its shares plummeting.

According to the Hong Kong Stock Exchange, the delays will cause its shares to be inaccessible for trading starting on April 1.

In Wednesday morning trading, the shares dropped 4% against a 1.5% gain for main.

After defaulting last year on certain bonds, Kaisa is now restructuring its $12 Billion offshore debt.

According to the filing, the firm stated it had been in contact with its financial and legal advisers for the past several months to develop a solution “for all stakeholders” that would ease the firm’s current liquidity difficulties.

Additionally, the company has entered into “constructive talks” with its creditors.

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