Culturecom clarifies auditor change, cites liquidity constraints behind Gary Cheng CPA exit

Culturecom clarified its auditor change, attributing Gary Cheng CPA's resignation to liquidity constraints and a fee dispute. Gary Cheng proposed fees of HK$1.1-1.3 million plus an unpaid deposit. Despite subscription agreements becoming unconditional on May 15, Gary Cheng resigned on May 12. The board appointed CCTH CPA as the replacement auditor on May 1 million fee, with comparable audit scope and staffing.

Culturecom issued a clarification on its auditor change, citing delayed agreement on a 2026 audit fee amid a temporary liquidity constraint. * Former auditor Gary Cheng CPA proposed HK$1.1 million, then HK$1.3 million, with a requested HK$0.5 million deposit that was not paid. * Subscription agreements signed April 29 became unconditional May 15, but Gary Cheng CPA had already decided to resign on May 12. * The board appointed CCTH CPA as replacement auditor on May 22, with an audit fee of HK$1 million. * Audit committee said scope and risk-based approach remain comparable, with CCTH staffing 8 people for about 3,000 man-hours. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Culturecom Holdings Limited published the original content used to generate this news brief via IIS, the regulatory disclosure system operated by the Hong Kong Stock Exchange (HKex) (Ref. ID: HKEX-EPS-20260708-12238365), on July 08, 2026, and is solely responsible for the information contained therein. © Copyright 2026 - Public Technologies (PUBT)

Culturecom issued a clarification on its auditor change, citing delayed agreement on a 2026 audit fee amid a temporary liquidity constraint. * Former auditor Gary Cheng CPA proposed HK$1.1 million, then HK$1.3 million, with a requested HK$0.5 million deposit that was not paid. * Subscription agreements signed April 29 became unconditional May 15, but Gary Cheng CPA had already decided to resign on May 12. * The board appointed CCTH CPA as replacement auditor on May 22, with an audit fee of HK$1 million. * Audit committee said scope and risk-based approach remain comparable, with CCTH staffing 8 people for about 3,000 man-hours. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Culturecom Holdings Limited published the original content used to generate this news brief via IIS, the regulatory disclosure system operated by the Hong Kong Stock Exchange (HKex) (Ref. ID: HKEX-EPS-20260708-12238365), on July 08, 2026, and is solely responsible for the information contained therein. © Copyright 2026 - Public Technologies (PUBT)