HKEX says most firms will report on time

Hong Kong Exchanges and Clearing (0388) expects more than 80 percent of listed companies will post their earnings results by the March 31 deadline despite the Covid-19 virus outbreak making it difficult for auditors and issuers to complete their reports.

Bonnie Chan, HKEX's head of listing, said 1,781 listed companies, whose fiscal year ends in December, are due to publish annual results by March 31. Among them, 1,304 companies are to issue financial announcements as scheduled, and 122 firms will be able to post unaudited results before the deadline, under the guideline issued by the stock exchange operator and the Securities and Futures Commission.

She said at the Legislative Council's financial affairs panel meeting yesterday that the bourse operator is communicating closely with other companies on the matter.

Chief executive Charles Li Xiaojia said around 30-40 percent of HKEX staff is working from home, and the company also has adopted a split working arrangement for employees in the office.

He said financial market volatility increased due to the virus outbreak, but the good thing is Hong Kong stocks never "went up as crazy as" US equities last year.

For the long term, Li said Hong Kong has been attracting international funds to invest in mainland companies, and he hopes more overseas companies will list in Hong Kong to attract capital from the mainland through the Stock Connect.