According to Zhitong Finance App News, Jixing New Energy (03395) issued an announcement. Due to recent changes in the position of the company's CEO and board of directors, the renewal of the auditor Hong Kong Lixin Dehao Certified Public Accountants Limited (Lixin Dehao) was also postponed, causing the completion of the required documents to be delayed. For these reasons, the audit commenced later than originally scheduled, and the audit was not completed before the submission deadline. In addition, delays in payment of the company's reserve report are also one of the main risk areas leading to the audit. Non-financial asset impairment assessments cannot be completed before the submission deadline because this specific risk area requires technical review and analysis.

The company has applied to the Alberta Securities Commission (ASC) for a management cessation of trading order (management cessation order), which will restrict the company's management from directly or indirectly trading all of the company's securities. Management's cessation of trading order will not affect the ability of non-company insider shareholders to trade their securities. It is currently uncertain whether the management order to stop trading will be approved. If ASC does not issue a management cessation order, the applicable Canadian securities regulator may issue a complete cessation of trading order against the company because the company did not submit the required documents within the prescribed period.

The company is stepping up cooperation with its auditor Lixun Dehao to complete the audit as soon as possible. The company will continue to endeavor to respond to any information requests made by Lixin Dehao to ensure that required documents are submitted as soon as possible, but the remaining work required to complete the audit is dependent on Rixson Dehao's internal and peer review. Jixing Renewable Energy plans to correct the default and submit the required documents as soon as possible, and is expected to submit them by April 30, 2024. As long as the company has not fulfilled the submission requirements, the company also intends to comply with the provisions of the backup information guidelines in section 10 of the “National Policy 12-203 Management Cessation of Trading Order”.

In order to prevent further delays in publishing results, the company will implement additional internal control measures, including but not limited to, if the appointment of the company's auditors is expected to be delayed, all directors of the company will receive daily updates from the company's management to continuously monitor the progress of appointing the company's auditors; and further refine the company's policy of appointing auditors to ensure that the company's current auditors and no less than one other professional accounting firm can audit the company's financial statements in the fourth quarter of each fiscal year, so as to review and select the auditors and their remuneration at an early stage and make recommendations to the board of directors.

The company confirmed that there were no bankruptcy proceedings against the company as of the date of publication of this press release. The company also confirmed that, as of the date of publication of this press release, no other important information relating to the company's affairs had not been generally disclosed.