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BeijingWest International ( (HK:2339) ) has shared an update.
BeijingWest Industries International Limited has disclosed that the actual transaction value for technical services provided under its existing mutual technical services agreement with BWI for 2024 reached HK$197.9 million, surpassing the approved annual cap of HK$165.5 million. The overrun, driven by an approximately 98% jump in fourth-quarter transaction volume compared with the average of the preceding three quarters, went undetected under the company’s previous internal control procedures, which relied on quarterly monitoring thresholds and data from BWI and group members. In response, the board has acknowledged an internal control weakness in timely identifying such spikes and is rolling out enhanced internal control measures to strengthen monitoring of continuing connected transactions and ensure future compliance with Hong Kong listing requirements.
The most recent analyst rating on (HK:2339) stock is a Hold with a HK$4.00 price target. To see the full list of analyst forecasts on BeijingWest International stock, see the HK:2339 Stock Forecast page.
More about BeijingWest International
BeijingWest Industries International Limited is an automotive components group headquartered in Hong Kong and incorporated in the Cayman Islands, focusing on supplying technical services within its group and to related parties, particularly under mutual technical services arrangements with its connected entity BWI and its associates.
YTD Price Performance: 18.70%
Average Trading Volume: 6,253,583
Technical Sentiment Signal: Buy
Current Market Cap: HK$3.48B
For a thorough assessment of 2339 stock, go to TipRanks’ Stock Analysis page.