Shares of Xinhua Finance, the Chinese financial information company, tumbled 18.3 per cent yesterday after news it was likely to delay submitting its first-quarter financial documents in Japan, where it is listed.
Under Japanese regulations, if a listed company notifies the authorities in advance that it is likely to miss its deadline for filing financial documents, it receives an extension of one month. This means Xinhua Finance must submit its first-quarter documents by June 17. If it fails to do so, the Tokyo Stock Exchange will de-list the company.
The company notified the TSE on Tuesday that it was unlikely to meet its May 17 deadline, prompting a glut of sell orders on the stock, which is listed on the TSE’s Mothers start-up market.
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