The Hong Kong Stock Exchange suspended trading of Tianhe Chemicals Group Ltd. shares Thursday. Tianhe said it requested the suspension because a delay in reporting its 2014 financial results will make it noncompliant with stock exchange rules.
The company, which is the largest lubricant additive supplier based in Asia, was supposed to post its results by today but said it needs additional time to provide further information to auditors. It also postponed a regular meeting of its board of directors scheduled for today for discussion of the results, among other topics.
Tianhe officials could not be reached for comment yesterday.
This is the second time in seven months that trading of Tianhes stock was suspended. Trading was halted from Sept. 2 until Oct. 9 after shadowy private watchdog Anonymous Analytics accused the company of fraudulent statements in its July initial public stock offering. Tianhe, which is based in Jinzhou City, China, refuted all of the accusations, many of which involved its fluorochemicals business.
Tianhes stock was trading at HK $1.17 (U.S. $0.15) per share when trading was suspended Thursday. During the IPO, shares sold for HK $1.75 per share. They peaked above $2.50 at the end of September but have been below $1.40 most of the time since trading resumed the first time in October.