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An announcement from Xin Yuan Enterprises Group Ltd. ( (HK:1748) ) is now available.
Xin Yuan Enterprises Group Ltd. has announced the resignation of its auditor RSM Hong Kong, effective 31 March 2026, after the firm was unable to agree a timetable for auditing the company’s 2024 and 2025 financial statements. RSM cited significant uncertainty around the timing, scope and adequacy of an ongoing forensic investigation and internal control review into certain previously disclosed allegations, saying the latest draft investigation report is inadequate for audit purposes.
The board, following the audit committee’s recommendation, plans to appoint Prism Hong Kong Limited as the new auditor after assessing its market reputation, Main Board experience, independence, resources and compliance with local audit oversight guidelines. The company believes the change will help maintain audit quality and allow completion of the delayed 2024 and 2025 audits as soon as practicable, which is presented as being in the interests of both the company and its shareholders.
More about Xin Yuan Enterprises Group Ltd.
Xin Yuan Enterprises Group Ltd., incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange, operates through a group structure with various subsidiaries. The company is subject to Hong Kong listing rules and securities regulations, and its financial reporting and auditing are overseen by an audit committee and external auditors.
Technical Sentiment Signal: Sell
Current Market Cap: HK$774.4M
Learn more about 1748 stock on TipRanks’ Stock Analysis page.