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Tian Yuan Group Holdings Ltd. ( (HK:6119) ) has provided an announcement.
Tian Yuan Group Holdings has issued a supplemental announcement explaining audit concerns that have delayed publication of its 2025 annual results and led to continued trading suspension in its shares. The company disclosed that its auditor is scrutinising the commercial rationale, counterparty concentration and potential related-party aspects of significant asphalt trading conducted in 2025, including low margins, long inventory turnover and its reliance on storage and related services from an affiliate controlled by chairman and chief executive Yang Jinming.
The auditor highlighted that three purchases and five sales with just one supplier and two customers generated approximately RMB155 million in unaudited physical asphalt revenue at a 4.3% gross margin, alongside RMB0.9 million in net revenue from trading asphalt cargo ownership rights on sales of roughly RMB186 million. These issues, particularly the scale and concentration of capital, thin profitability and use of a connected party for critical logistics, have raised questions over risk management and governance, prolonging uncertainty for shareholders until the audit concerns are resolved and financial reporting can resume.
More about Tian Yuan Group Holdings Ltd.
Tian Yuan Group Holdings Ltd. is a Hong Kong-listed company engaged in asphalt trading, including both physical asphalt and cargo ownership rights. Its operations during the 2025 reporting period involved large-volume transactions with a small number of counterparties, and it relies on a connected PRC-based affiliate, Maoming Tianyuan Petrochemical, for key storage and handling services.
Average Trading Volume: 105,947
Technical Sentiment Signal: Hold
Current Market Cap: HK$264M
See more data about 6119 stock on TipRanks’ Stock Analysis page.