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The latest update is out from Yincheng Life Service Co., Ltd. ( (HK:1922) ).
Ruisen Life Service Co., Limited has disclosed additional findings from the second stage of an independent forensic review, revealing that certain pre-listing connected advances and movements of funds involving its parent Yincheng Group may not have aligned with earlier representations and disclosure expectations at the time of listing. The review highlighted a circular RMB93 million transaction between the company and Yincheng Group shortly after its IPO, an undeclared effective change in use of approximately HK$120 million of listing proceeds transferred to an associated entity Yinjiacheng with unclear repayment status, and complex payments related to the purchase of a property known as Town City involving multiple related parties. Trading in the company’s shares has been suspended since 28 August 2024 and will remain halted until further notice, underscoring ongoing regulatory and governance concerns that could affect shareholder confidence and the company’s standing in the market.
More about Yincheng Life Service Co., Ltd.
Ruisen Life Service Co., Limited (stock code: 1922), incorporated in the Cayman Islands and listed in Hong Kong, operates in the property and community life services sector, providing management and related services to residential and commercial projects, largely within the broader Yincheng Group ecosystem.
Technical Sentiment Signal: Sell
Current Market Cap: HK$363.3M
For detailed information about 1922 stock, go to TipRanks’ Stock Analysis page.