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NEW YORK (Reuters) – The U.S. securities industry is studying ways to avoid lengthy trading halts of U.S.-listed Chinese securities that have been suspected of accounting problems, the Securities Industry and Financial Markets Association (SIFMA) said.
SIFMA, U.S. securities regulators and exchanges all held talks, according to a separate source, to deal with halts of shares that have stretched for several months while exchanges wait for delayed regulatory filings or resolutions to audit probes.
"I can confirm for you that SIFMA is exploring this issue and studying possible solutions," said SIFMA spokeswoman Katrina Cavali said.
Numerous U.S.-listed Chinese companies, many of which first listed on U.S. exchanges through reverse takeovers, have been hit with charges of accounting fraud. When companies respond to allegations, shares are often halted for weeks.
But the trading halts created a skid row of sorts of Chinese companies languishing on exchanges without trading for several months. There are currently more than a dozen such companies.
Investors in companies that have been halted have been unable to close out positions because trade halts have stretched for months. One Chinese company, NIVS IntelliMedia Technology Group, has been halted since March 24.
A source familiar with the discussions said some of the possible solutions discussed include matching outstanding long and short positions in the halted securities.
Normally, an individual company can have shares halted for a few hours so a company can disseminate news or the exchange can resolve a trading-related issue.
It was unclear whether a final decision had been made.
Shares of Chinese companies have been hit hard, with some losing most of their value, as a result of the allegations. The Canadian-listed Chinese forestry company Sino-Forest, which is down more than 90 percent since allegations were raised by a short-selling research firm.
(Reporting by Jonathan Spicer; editing by Gunna Dickson)
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