Chaori Solar says Shenzhen share listing to be suspended

HONG KONG Thu May 22, 2014 8:47pm IST

Rajalakshmi (C), 28, smiles after winning the Miss Wheelchair India beauty pageant in Mumbai November 26, 2014. REUTERS/Danish Siddiqui

Miss Wheelchair India

Seven women from across India participated in the country's second wheelchair beauty pageant, which aims to open doors for the wheelchair-bound in modelling, film and television, according to organisers  Slideshow 

HONG KONG May 22 (Reuters) - Shanghai Chaori Solar , the firm that roiled global markets in March with China's first domestic bond default, said the listing of its shares will be suspended on May 28 following a third consecutive year of losses.

Under China's securities law, a listed firm reporting three straight years of losses has the listing of its shares suspended which means investors are not able to trade the shares.

A return to profit is a condition for the listing to be restored but for Chaori Solar, a solar equipment producer, a turnaround this year is highly unlikely. It warned in late April it faced liquidity problems and would still have difficulties repaying its debt.

The company recorded a default on March 7, when it missed an interest payment on a bond.

It reported a net loss of 107.3 million yuan ($17.21 million) in first quarter following a 2013 net loss of 1.45 billion yuan. It had overdue loans totalling nearly 3 billion yuan at the end of last year.

The company's Chaori-11 bond, which has been suspended since July 2013, will be delisted from the Shenzhen bourse on May 30, it said in a filing to the exchange. ($1 = 6.2350 Chinese Yuan) (Reporting by Meg Shen and Twinnie Siu; Editing by Erica Billingham and Jane Merriman)

REUTERS SHOWCASE

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

GDP, RBI Preview

GDP, RBI Preview

GDP growth set to weaken, business wants reforms more than rate cut  Read | Related 

Hughes Dies

Hughes Dies

Australia batsman Hughes passes away aged 25  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Google in Europe

Google in Europe

Insight - Behind Google's Europe woes, American accents  Full Article 

India-focused Funds

India-focused Funds

India-focused hedge funds up over 40 pct YTD - HFR  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage