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Shanghai Bourse Halts Trading of Three Stocks
The Shanghai Stock Exchange announced Monday that it has halted the trading of stocks of three listed companies because they have lost money for three consecutive years.
The three firms are Hainan Overseas Chinese Investment Stocks Co., Ltd., Shanghai Forever Co., Ltd., and Shanghai Steel Pipe Co., Ltd.
Their annual reports published April 28 show that they have lost money for three years running. According to the Corporate Law and other relevant laws, the three companies have to stop trading their stocks on the exchange for the time being.
During the halt period, the stocks, which are categorized as " PT" stocks, can still be traded every Friday under special arrangements according to law.
If the companies do not ask for a grace period or failed to have their applications for a grace period approved by the stock exchange, they will be barred by the State Securities Regulatory Committee from the exchange for good.
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