"Performance" CHINA GLASS's annual loss expanded to 4.893 billion RMB, auditor issued a "non-standard report"

CHINA GLASS (03300.HK) announced its full-year results for the year ended last December, with revenue from continuing operations of RMB 1.458 billion, a year-on-year decrease of 0.2%. Losses widened to RMB 4.893 billion, compared to a loss of RMB 877 million in the same period last year; loss per share was RMB 0.06. No dividend was declared.

The external auditor issued a "non-standard report," indicating that the group recorded a loss of RMB 5.638 billion for the year ended last December, and at the end of the reporting period, recorded net current liabilities of RMB 5.945 billion and net liabilities of nearly RMB 4.7 billion. In addition, the group has violated several bank loans and other borrowings, and such defaults have also triggered cross-default clauses on other outstanding bank loans and borrowings, requiring the group to repay such outstanding borrowings immediately. Furthermore, at the end of the reporting period, the group has committed to dispose of all its businesses in mainland China and shift its strategic focus to overseas operations. The group's ability to repay its debts largely depends on its disposal of discontinued operations, renegotiation with relevant banks and other financial institutions, and its ability to obtain debt or equity financing from banks, other financial institutions, or strategic investors