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Hilong Holding Ltd. ( (HK:1623) ) has issued an announcement.
Hilong Holding Ltd. has provided a supplemental announcement regarding its action plan to address an auditor’s disclaimer of opinion. The company has engaged in loan financing negotiations with several banks, successfully rolled over an existing bank loan, and reduced its bank borrowings by 30% to 40% as of June 2025. Efforts to expedite the collection of trade receivables have been made, resulting in a decrease of receivables outstanding for over a year by 5% to 20%. Additionally, Hilong has implemented cost-reduction initiatives, including renegotiating supplier agreements and restricting non-essential expenses, to strengthen cash flow management. These measures aim to resolve the disclaimer of opinion and improve the company’s financial standing.
More about Hilong Holding Ltd.
Hilong Holding Ltd. is a company incorporated in the Cayman Islands, operating in the industry of oilfield equipment and services. The company focuses on providing products and services related to oilfield equipment, which includes drilling tools and other related services.
Average Trading Volume: 9,102,525
Technical Sentiment Signal: Buy
Current Market Cap: HK$283.3M
For detailed information about 1623 stock, go to TipRanks’ Stock Analysis page.