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Number of suspended HK-listed firms up by 10%

Hong Kong has recorded a rising number of listed companies that were suspended for more than three months. A study by Grant Thornton showed that the number rose by 10% to 123 for the year ended August 2022, while the number that resumed trading rose by 24% to 31. About 21% of prolonged suspensions were caused by shareholders or management of the companies due to misconduct of directors - most of them changed their directors within six months. Grant Thornton's national leader of forensic and investigation services Barry Tong Biu said the Covid pandemic had played a role in the increasing number of suspensions over the past three years. Companies based in the mainland are especially vulnerable as auditors face travel restrictions, which could lead to delays in filing annual reports.

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