Zhong Hua Holdings Reports Major Financial Restatement

Zhong Hua International Holdings Limited (HK:1064) has released an update.

Zhong Hua International Holdings Limited has announced a restatement of its financial results for the first half of 2023, changing a previously reported net profit into a substantial net loss of approximately HK$1.75 billion, primarily due to the derecognition of its subsidiary GZ Zheng Da. The adjustment is a non-cash, unrealized loss, reflecting changes in reserve accounts, and does not affect the group’s liquidity. The company also indicated a potential reduction in net loss before taxation for the first half of 2024 compared to the restated figures.

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