Summary by Moomoo AI
New Focus Automotive Technology Holdings Limited (“New Focus”) announced the key findings and results of its second internal control review. The review was conducted by Pu Wah Risk Advisors Limited and covered the internal monitoring system for the transfer of equity, provision of guarantees and the management of pledged assets and seals. The review uncovered issues such as missing documents, insufficient contract approval, and suggested improvements. The new focus was adopted on 25 January 2024 and implemented relevant internal monitoring policies and procedures. Pu Hua completed a follow-up review in March 2024, confirming that New Focus has adopted and implemented corrective recommendations and believes that Focus has established appropriate internal controls and procedures to comply with listing rules. The new focus will continue to implement corrective recommendations to strengthen internal monitoring systems. The announcement was made on 8 April 2024 by the Executive Director.