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Imposes Specific Suspension Requirements

Imposes Specific Suspension Requirements

The Stock Exchange of Hong Kong Limited Imposes Specific Suspension Requirements for Listed Issuers with Disclaimer or Adverse Audit Opinions on their Financial Statements On May 24, 2019, The Stock Exchange of Hong Kong Limited (the Exchange) published conclusions on its consultation paper on the proposed suspension requirements for listed issuers with disclaimer or adverse audit opinion on their financial statements. A new Rule, which imposes specific suspension requirements for listed issuers with disclaimer or adverse audit opinions, will apply to listed issuers’ preliminary annual results announcements for financial years commencing on or after September 1, 2019. After considering comments received during the consultation, the Exchange has revised the proposed Rule so that the suspension requirement would not apply where (i) the disclaimer or adverse opinion relates solely to going concern; or (ii) the underlying issue giving rise to the audit modification has been resolved before the issuer publishes the preliminary results announcement. This modified amendment reflects a pragmatic approach of the Exchange, as it, together with all relevant disciplines, strives to keep the industry on the right track amidst troubled waters in the global markets. Source : https://www.hkex.com.hk/news/news-release/2019/190524news?sc_lang=en