香港联合交易所有限公司
(香港交易及结算所有限公司全资附属公司)
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
The Stock Exchange of Hong Kong Limited
CENSURES:
Tianjin Real Estate Group Co., Ltd. (Delisted, previous debt code: 5286).
The Company issued a US$100 million bond which was listed on the Exchange in October 2017. In September 2020, around two weeks before the maturity of the bond, there was information in the market that the Company had defaulted in respect of some other bonds. There was concern that this might have triggered an event of default in respect of the bond listed on the Exchange.
The Exchange sought clarification from the Company. However, despite repeated requests and reminders, the Company failed to provide any substantive replies or information. The Company also failed to announce relevant information necessary to avoid a false market, and did not apply for a trading suspension.
The Company partly attributed the failures in communication with the Exchange to the fact that its authorised representatives were under investigation, separate from that of the Exchange, and that as a result they were unable to perform their duties at that time. The practical effect of the suspension of the authorised representatives was that the Company did not have anyone to act as the principal channel of communication with the Exchange. Although the Company knew of this problem, the Company failed to appoint any replacements or to take any steps to re-establish a communication channel.
Key messages:
Issuers, whether of debt or equity, are required to announce information necessary to avoid a false market. If information cannot be announced promptly, the issuer must apply for a trading halt or suspension.
All issuers must maintain an open line of communication with the Exchange. Each issuer must ensure that its authorised representatives can fulfil their communication duties effectively.
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