China Has Asked Firms to Delay Bad Results During Congress, Sources Say
- At least 17 Shenzhen companies have announced reporting delays
- One company says ‘we have a lot on our plate to deal with’
Xi Jinping speaks during the 19th National Congress of the Communist Party of China.
Photographer: Qilai Shen/BloombergChina’s securities watchdog has asked some loss-making companies to avoid publishing quarterly results this week as authorities seek to ensure stock-market stability during the Communist Party Congress, according to people familiar with the matter.
The China Securities Regulatory Commission made its requests via the country’s stock exchanges, the people said, asking not to be named as they’re not authorized to talk to the media. At least 17 Shenzhen-listed companies announced delays to their earnings reports from Oct. 20 to Oct. 24, up from three during the same period last year, exchange filings show. The CSRC declined to comment, while China’s bourses didn’t respond to faxed questions.