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ShiFang Holding Limited ( (HK:1831) ) just unveiled an announcement.
ShiFang Holding Limited has clarified that it never made any cash investment in the target companies Baiming and Zhuoshi and that all shares previously issued for the related acquisition have been fully returned to the company with the consent of the target’s shareholding representative, effectively unwinding the deal. The company further explained that the RMB75.0 million share of losses recognised in its 2022 consolidated income statement arose because all shareholder and financial records of Baiming and Zhuoshi were seized by Beijing’s Chaoyang District Economic Crime Investigation Unit, leaving the company unable to obtain supporting materials, and that the data were included in its annual report based on an audit by PricewaterhouseCoopers, which was signed off by the then audit committee chairman despite the board’s lack of unanimous approval, underscoring the company’s assertion that it remained operationally independent from the targets and lacked access to their detailed financial information.
More about ShiFang Holding Limited
ShiFang Holding Limited is a Bermuda-incorporated company listed in Hong Kong (stock code: 1831). The announcement references its role as parent of a group that had pursued a business acquisition involving target companies Baiming and Zhuoshi, reflecting its engagement in investment and corporate development activities in mainland China through share-based transactions rather than cash investments.
Average Trading Volume: 637,222
Technical Sentiment Signal: Hold
Current Market Cap: HK$234.4M
See more data about 1831 stock on TipRanks’ Stock Analysis page.