Xingquan International Sports Holdings Ltd, the first China-based company that was listed on Bursa Malaysia, which just marked its 10th year on Bursa Malaysia last month, is going to be delisted in less than two weeks, together with China Stationery Ltd. The two China-based companies is facing regulatory action after continuously failing to issue their annual reports and audited financial statements, months after the stipulated time frame specified under the listing requirements. Both companies are now going to be delisted on Aug 16, unless they submit an appeal to Bursa Securities by Aug 13, according to TheEdge. Clearly, investors who had invested in these companies on expectations that they would ride on China’s robust economic growth in the past decade, have been let down by these foreign IPOs.
The sky may not be falling, but Monday’s bursa made it feel that way.