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Hong Kong regulator orders trading halt of Tianhe Chemicals shares
May 25, 2017 / 3:48 AM / 7 months ago

Hong Kong regulator orders trading halt of Tianhe Chemicals shares

HONG KONG, May 25 (Reuters) - Hong Kong’s securities regulator on Thursday ordered a trading halt in all shares in Tianhe Chemicals Group Ltd, without giving further details.

The move comes despite shares in the chemical firm not having traded since early 2015, when Tianhe requested a halt.

Last month, Tianhe said media reports claiming financial irregularities had been uncovered at the company and that the Securities and Futures Commission (SFC) had directed a trading halt of the stock were “factually incorrect and misleading”.

Neither Tianhe nor the SFC immediately responded to requests for comment on Thursday.

The SFC can issue so-called Rule 8 directions under Hong Kong’s listing rules “on grounds that the market is misinformed, disorderly or unfair”.

Tianhe requested a trading halt in its shares in March 2015 due to a delay in the publication of its 2014 annual results and the company launched an investigation into audit issues at the time. Its shares had remained suspended since then.

Previous SFC trading halt orders include China Huishan Dairy Holding Co Ltd and Hanergy Thin Film Power Group , which the regulator investigated after its shares mysteriously tumbled 50 percent in a matter of minutes.

Reporting by Donny Kwok; Editing by Anne Marie Roantree and Joseph Radford

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