Sinic Holdings Group will be delisted from the Hong Kong stock exchange next week, becoming the first mainland Chinese developer to face such a fate after failing to fulfil the conditions required to lift the suspension, reports the South China Morning Post.
Sinic’s listing will be cancelled from April 13, according to an announcement from bourse operator Hong Kong Exchanges and Clearing on Thursday night. Sinic missed the deadline to resume trading by March 19, as it failed to address the problem in accordance with the guidelines set by the exchange.
Trading in the shares of the company, which once was one of the top 50 developers by sales in China, had been suspended since September 20, 2021, after it failed to pay RMB 38.7 million ($5.6 million) interest on two domestic financing arrangements on September 18. The exchange’s rules stipulate that it may cancel the listing of any company that does not resume trading in its shares after 18 months of suspension.
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