Developer Sunac’s Stock Collapses as Trading Resumes After One-Year Suspension

Developer Sunac was one of last year’s worst performers, recording a 27.7 billion yuan loss in 2022. Photo: IC Photo

Shares of distressed property developer Sunac China Holdings Ltd. fell 55% on Thursday as trading resumed after a year-long suspension due to the firm’s failure to file its 2021 annual report on time.

The trading resumption on the Hong Kong Stock Exchange came a day after Sunac, the country’s 11th largest developer by sales value in 2022, said it was back in compliance with the bourse’s listing requirements. It published its overdue interim results for 2022, as well as its full-year results for 2022, at the end of March, and said it is in the process of implementing a debt restructuring plan. Trading in the company’s shares was halted on April 1 last year after it failed to release its 2021 financial results.