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Wai Hung Group Holdings Ltd. ( (HK:3321) ) has provided an announcement.
Wai Hung Group Holdings Limited has issued an update after its auditor expressed a disclaimer of opinion on the group’s 2024 financial statements, citing going-concern uncertainties arising from continued net losses, tight liquidity and defaults on bank loan repayments. In response, the company is negotiating with lenders to restructure approximately MOP57.6 million of bank borrowings, pursuing an equity fund-raising plan through financial institutions, stepping up recovery of long-outstanding trade receivables, and relying on cash inflows from four ongoing Hong Kong projects totaling about HK$47 million that are scheduled for completion by March 2026. The group is also in advanced talks for a potential HK$60 million subcontract on a major theme park fitting-out project expected to start in the second quarter of 2026, measures that, if successfully executed, could ease liquidity pressure, support its going-concern status and stabilize relations with creditors and other stakeholders.
More about Wai Hung Group Holdings Ltd.
Wai Hung Group Holdings Limited, incorporated in the Cayman Islands and listed in Hong Kong, operates in the construction and fitting-out sector, with current projects focused in Hong Kong. The group undertakes contracting works such as interior fitting-out and related construction services, targeting both commercial and large-scale themed developments in the local market.
Average Trading Volume: 1,818,722
Technical Sentiment Signal: Sell
Current Market Cap: HK$26.65M
Learn more about 3321 stock on TipRanks’ Stock Analysis page.