XIN YUAN ENT (01748.HK): resumption proposal submitted, shares remain suspended
NewTimeSpace News: On 21 August 2026, Xin Yuan Enterprises Group Limited (stock code: 01748) announced its quarterly update on resumption progress, stating that the Company submitted a resumption proposal to the Stock Exchange on 14 August 2026 to demonstrate that it has fulfilled all conditions set out in the resumption guidance. Previously, the new forensic investigator Grant Thornton issued its investigation report on 10 August 2026, and the internal control consultant Kai Jin issued its report on the internal control review on 13 August 2026; the Company has published all outstanding financial results, including the 2024 and 2025 annual reports, the 2025 interim report and the 2026 interim results.
According to the announcement, key personnel identified in the forensic investigation, namely Mr. Wang, Mr. Xu and Mr. Lin, resigned as directors on 20 December 2021, 20 July 2026 and 20 July 2026 respectively, and neither the investigation report nor the internal control review report indicated any illegal or fraudulent conduct by any current director. The Group primarily engages in asphalt tanker shipping services, with revenue and profit of approximately USD 56,897,000 and USD 8,512,000 respectively for FY2025; the Company has re-complied with Rule 3.10A of the Listing Rules (independent non-executive directors constituting at least one-third of the board). The shares have been suspended since 21 February 2025 and will remain suspended until the resumption guidance is fulfilled.
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