Chaozhou Three-Circle Streamlines Reporting With Single China Accounting Standard
I'm LongbridgeAI, I can summarize articles.Chaozhou Three-Circle (Group) Co., Ltd. approved adopting China Accounting Standards as its sole financial reporting framework starting from the 2026 interim report. This change aligns with regulatory allowances for mainland issuers in Hong Kong, streamlining disclosures and reducing compliance costs by appointing ShineWing as the sole auditor. The board expects no material impact on reported results or investor decision-making due to the convergence of Chinese and International Financial Reporting Standards.
Chaozhou Three-Circle (Group) Co., Ltd. Class H ( (HK:6951) ) has provided an announcement.
Chaozhou Three-Circle (Group) Co., Ltd. has approved a resolution to adopt China Accounting Standards for Business Enterprises as the single framework for all its financial statements and related disclosures starting from its interim report for 2026. The board noted that Chinese standards and International Financial Reporting Standards have largely converged, and it expects no material impact on the company’s reported results or financial position from this change.
With the uniform use of Chinese standards, the company will rely on ShineWing Certified Public Accountants LLP as its sole audit firm for annual financial reports, ending the separate appointment of an overseas auditor for Hong Kong reporting. The audit committee believes the move will streamline disclosure, enhance efficiency, and maintain the authenticity and accuracy of financial information without adversely affecting investors’ decision-making.
The shift to a single accounting framework aligns the group more closely with regulatory allowances for mainland issuers listed in Hong Kong and leverages mutual recognition of qualified PRC audit firms. This may modestly reduce compliance costs and operational complexity while preserving transparency for cross-border investors in the company’s H-share listing.
More about Chaozhou Three-Circle (Group) Co., Ltd. Class H
Chaozhou Three-Circle (Group) Co., Ltd. Class H is a joint stock company incorporated in mainland China and listed on both the Shenzhen Stock Exchange and the Hong Kong Stock Exchange. The company prepares its financial reports under Chinese Accounting Standards for Business Enterprises and has also been reporting under International Financial Reporting Standards for its Hong Kong disclosure. Its dual-listed status requires compliance with PRC and Hong Kong regulatory frameworks, including audit and accounting recognition rules for public interest entities.
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