Babytree Group (01761) issued an announcement. The group is mainly engaged in providing a platform for mother and child communities in China, and is committed to connecting...
According to the Zhitong Finance App, Babytree Group (01761) announced that the group is mainly engaged in providing a platform for mother and child communities in China and is committed to connecting and serving young families. Since the suspension of trading of the company's shares until the date of this announcement, the Group's business operations have continued to be carried out as usual in all major aspects, and the financial situation and business operations will continue to be monitored. Furthermore, considering the recent macroeconomic environment and achieving an optimized cost structure and improved operating efficiency, the Group has recently implemented a series of cost reduction measures, including but not limited to reducing personnel costs and streamlining low-profit or unprofitable business lines.
As disclosed in the company's announcement dated April 15, 2024, the independent investigators reported to the Commission a number of preliminary findings relating to the allegations. Due to the large amount of relevant information and documents to be reviewed, an independent investigation was still ongoing as of the date of this announcement. The Commission will continue to work with independent investigators to complete the remaining investigations and independent internal control reviews to publish a formal report on the concluding findings as soon as possible. It is initially anticipated that the independent investigation will be completed by May 31, 2024 (adjustments may be made depending on the progress of follow-up work and the circumstances of the investigation evidence).
At the company's request, trading of the company's shares has been suspended on the Stock Exchange since 9:00 a.m. on May 2, 2023, and trading will continue to be suspended until further notice.