![]() In addition, according to relevant statistics, as of June 1, 2022, a total of 6,029 creditors have declared their claims to the administrator of Brilliance China’s parent company, Brilliance Group, with a total of 57.718 billion yuan. independent auditors also Only audit results without opinion can be given. For example, the interviews could not cover all the banks involved in the incident, and some documents were sub- companies from Brilliance China are also missing. As a result, it is expected to bring a total loss of 8.25 billion yuan directly to Brilliance China.įurthermore, during the investigation process, the consulting company also encountered many limiting factors. ■ Illegal operations in financial transactions. ![]() ![]() Since 2019, Brilliance executives have bypassed the listed board of directors and directly instructed Brilliance China and six other subsidiaries to execute unauthorized securities and deposit pledges, resulting in Brilliance China, Brilliance Group and external companies recording as much as 52.6 billion yuan is incorrect. After the resumption of trading in the shares, the company will continue to cooperate with the Hong Kong Stock Exchange to assist in the investigation of violations of the listing rules.ĭuring the suspension of the company, in accordance with the resumption requirements of the Hong Kong Stock Exchange, Brilliance China commissioned a consulting firm to conduct an independent investigation, but the difficulty of the investigation process and the results were unsatisfactory. On October 3, Brilliance China announced that the company had met all the resumption guidelines. According to the regulations of the Hong Kong Stock Exchange, it has the right to list any securities that have been suspended for 18 consecutive months. At the end of September, Brilliance China will suspend trading for 18 months. In fact, the resumption of trading in early October was a choice that Brilliance China had to make. Under unfavorable factors such as the bankruptcy of the parent company, the stock price fell by more than 70% after the resumption of trading. Brilliance China fell more than 70% after reluctance to resume trading and will continue to assist the Hong Kong Stock Exchange in its investigationįinancial Associated Press, October 5 (Editor Zhou Xinyang) Brilliance China (01114.HK), which was suspended from trading on April 1 last year, finally resumed trading on Wednesday (October 5).
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