TOKYO, May 12 (Reuters) – Shares in Tokyo-listed Chinese financial information service provider Xinhua Finance Ltd (9399.T) were awash with sell orders after the Tokyo bourse said it may delist the stock.
The company said on Tuesday it had not completed its earnings report for the 2009 financial year and it was unlikely to file its first-quarter results by deadline. That prompted the Tokyo Stock Exchange to place Xinhua shares under monitoring, and a spokesman said the bourse is studying whether to delist the shares. Xinhua shares were untraded, with the price indicated at 686 yen, down 16.4 percent from the closing price on the previous day. The Tokyo bourse briefly suspended trade in Xinhua shares earlier due to system troubles. Xinhua said its full-year earnings announcement was delayed after a company, whose results are consolidated in Xinhua’s earnings by equity-method, postponed its results filing due to a delay in the completion of a transaction. Xinhua now plans to announce its 2009 earnings results on May 14, and to file its first quarter results by June 11, past the May 17 deadline. Source: Reuters