DXN China (02019) expects annual results to be published on April 25

Zhitong Finance ·  Apr 16 07:10

Dexin China (02019) issued an announcement. The auditor will need additional time to obtain responses to significant balance inquiries and various...

Zhitong Finance App News, Dexin China (02019) issued an announcement. The auditor will need additional time to obtain a response to the significant balance inquiry letter and evaluate multiple estimates. Significant balance review inquiries that have not been obtained mainly relate to other accounts receivable and other accounts payable. The response rate was approximately 66% and 68%, respectively, as of April 8, 2024. The reason was that the response to the inquiry letter was delayed due to differences between outsiders and the Company regarding certain balances. The company is actively communicating with outsiders and auditors to ensure that an audit inquiry letter will be obtained as soon as practicable. The company has appointed Savills (China) Valuation and Professional Consultants Co., Ltd. to complete the valuation of the investment property. The auditor is evaluating various estimates (including but not limited to estimates of investment properties, impairment of investments recorded using the equity method, impairment of properties under development and held for sale, and cash flow forecasts) using proper accounting procedures.

The Group's unaudited management accounts for fiscal year 2023 have been reviewed by the Audit Committee, and there are undisclosed differences with the Board's accounting treatment. After proper and careful consideration, the Board of Directors believes that it is inappropriate for the company to publish the Group's unaudited management accounts for the fiscal year 2023 at this stage when the auditors have not completed the evaluation of the above estimates, because such unaudited accounts may not accurately reflect the Group's financial performance and situation, and the publication of unaudited management accounts may cause confusion and may mislead the company's shareholders and potential investors. The 2023 unaudited annual results have not been reviewed by the Board of Auditors, and there are undisclosed differences with the Board of Auditors regarding accounting treatment.

The company is working closely with the auditors to complete the audit process as soon as possible. Based on the information currently available to the Company, the annual results are expected to be published on April 25, 2024.

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