XIN YUAN ENT has commissioned FTI Consulting to conduct an independent agreement procedure investigation and continues to suspend trading
XIN YUAN ENT announced that it has appointed FTI Consulting to conduct an independent agreement procedure investigation due to misunderstandings caused by improper communication. The company has established a special committee to investigate the authenticity of shareholder complaints and plans to improve internal controls to avoid future issues. The investigation is still ongoing, and the stock remains suspended
According to the news from Zhitong Finance APP, XIN YUAN ENT (01748) issued an announcement clarifying that due to miscommunication and misunderstanding, the announcement contained the following unintentional errors, stating that the company has engaged DeHao Financial Advisory Limited (DeHao) to conduct an independent investigation. In fact, at a critical time, the company was considering appointing DeHao as the independent investigator, but the appointment has not yet been confirmed.
On April 17, 2025, the company has engaged Furuima Ze Risk Assessment Services Limited to conduct independent agreed-upon procedures investigation work.
The company has established a special committee and appointed independent agreed-upon procedures investigators to conduct an independent agreed-upon procedures investigation to ascertain the authenticity of the issues described in the alleged shareholder complaints and to complete the agreed-upon procedures investigation.
With the consensus reached with the auditors, the audit committee believes that after the action plan is completed, it should be able to clarify the issues described in the complaints and assist in completing the audit work. If any internal control deficiencies are found, through the implementation of internal control reviews and improvement measures, similar issues should be avoided, thereby preventing any obstruction to the completion of the audit work.
The company will conduct relevant internal control reviews and implement recommended measures based on the results of the independent agreed-upon procedures investigation and whether any internal control deficiencies are found, to improve the company's internal controls and avoid any issues affecting the company's audit work arising from internal control deficiencies.
As of the date of this announcement, the independent agreed-upon procedures investigation is still ongoing.
In addition, trading remains suspended
