The Hanoi Stock Exchange (HNX) has announced a blacklist of 49 stocks on the Unlisted Public Company Market (UPCoM) to alert and protect investors and traders.
Hanoi (VNA🐎) - The Hanoi Stock Exchange (HNX) has announced a blacklist of 49 stocks on the Unlisted Public Company Market (UPCoM) to alert and protect investors and traders.
The practice of blacklisting stocks, or grouping them under the “Warning” set, was begun in June. The set gathers all restricted stocks whose trading has been suspended either because of the firms’ accumulated losses, failure to submit their financial statements or other problems.
In the latest list of 49, Bac A Mineral and Metallurgy Joint Stock Company (BAM) and Na Ri Hamico Mineral JSC (KSS) are two new stocks added to the suspension list. BAM and VSP have violated the northern exchange’s rules on information disclosure.
The other 47 suspended stocks include the Central Mining and Mineral Import - Export JSC (MTM), Viet Hai Shipping and Real Properties Corporation (VSP), Phu Thinh Metallurgy JSC (PTK) and Tay Bac Minerals Investment Joint Stock Company (KTB). These stocks were suspended from trading before November 15.
Of the suspended stocks, 35 had negative equity as of June 2016, including Vinh Long Cereal and Food Import Export Corporation (VLF), Northern Shipping Joint Stock Company (NOS), construction firm Song Da 1 JSC (SD1) and Sai Gon Shoes Joint Stock Company (SSF).
Four of the 49 firms were included in the Warning list because their post-audit earnings differed from their 2015 financial statements. The four firms are: Da Nang Food JSC (DNF), Sai Gon Petroleum Construction and Investment JSC (PSG), Song Da Construction Company 27 JSC (SD7), and CADOVIMEX Seafood Import-Export and Processing JSC (CAD).
Eight of the blacklisted firms refused to publish audit reports for their 2015 financial statements, including Song Da - Thang Long JSC (STL), KSS, SD1, Bac Viet Steel JSC (BVG), Anvifish JSC (AVF) and Mien Trung (Central) Petroleum Construction JSC (PXM).
Three firms that are yet to submit their financial reports for 2014 and 2015 are: FBA International group Joint Stock Company (FBA), Song Lam 2 Cement Joint Stock Company (PX1) and VIKY Plastic JSC (VKP).-VNA
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