MANY IDEA CLOUD (06696.HK): Sets Up Independent Committee, Appoints Forensic Investigator and Internal Control Consultant for Resumption; Shares Remain Suspended
NewTimeSpace News: On 8 September 2026, Many Idea Cloud Holdings Limited (stock code: 06696) announced that, in connection with the delayed publication of its 2025 annual results and the resumption guidance, an independent committee comprising all audit committee members, Ms. Wang Yingbin, Ms. Zhou Yan and Mr. Tian Tao, was established on 9 July 2026 to lead and supervise an independent forensic investigation into the relevant allegations.
According to the announcement, the independent committee resolved on the same day to approve, confirm and ratify the appointment of CLA as the independent investigator to conduct the forensic investigation. CLA is an independent consultancy with a dedicated forensic and risk advisory practice; its team has completed forensic investigations for four companies that resumed trading after prolonged suspensions, namely China Cultural Tourism and Agriculture Group Limited (1566), New Universe Ventures Limited (8159), Allegro Culture Limited (550) and Ever Reach Group (Holdings) Company Limited (3616). As of the date of this announcement, CLA has completed all on-site fieldwork, with the preliminary draft report circulated to the independent committee and the company's auditors for review; the report is expected to be finalised by the end of September 2026.
In addition, on 9 July 2026 the audit committee approved the appointment of CCRA as the independent internal control consultant to conduct an internal control review as required by the resumption guidance, covering corporate-level controls, approval authority, financial reporting, Listing Rules compliance procedures, anti-fraud procedures, sales management, cash management and other areas. Trading in the company's shares has been suspended since 9:00 a.m. on 31 March 2026 and will remain suspended until all resumption guidance is fulfilled and the company fully complies with the Listing Rules to the satisfaction of the Exchange.
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