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China Tontine Wines Group ( (HK:0389) ) has provided an update.
China Tontine Wines Group has disclosed key findings from an independent internal control review conducted by Cheng & Cheng Risk Advisory Services as part of resumption guidance from the Hong Kong Stock Exchange, following trading suspension of its shares. The review identified serious deficiencies in the parent company’s control over certain subsidiaries, including management at out-of-control subsidiaries failing to provide financial information to the board, refusing to cooperate with annual audits, and some affiliated subsidiaries not being effectively controlled by the Group, all assessed as high risk. In response, the company has begun implementing remedial measures, notably formulating and adopting new “Control over Subsidiaries” rules and regulations in January 2025 to strengthen governance, oversight of operations and finance, and appointment of directors and senior management, in an effort to demonstrate adequate internal controls and move toward meeting regulatory requirements for potential trading resumption.
More about China Tontine Wines Group
China Tontine Wines Group Limited is a Bermuda-incorporated company listed in Hong Kong that operates through subsidiaries, with activities indicating a corporate structure requiring consolidated financial reporting and compliance with Hong Kong Listing Rules and securities regulations.
Technical Sentiment Signal: Sell
Current Market Cap: HK$129.7M
Learn more about 0389 stock on TipRanks’ Stock Analysis page.