Placing 219,120,000 shares, representing 20% of the issued share capital, to one or more transferees at the issue price of HK $0.241 and net proceeds of HK $52.2 million, placing agent: Glory Sun Securities Limited
The Company is an investment holding company and, together with its subsidiaries (collectively referred to as the 'Group'), is principally engaged in the plywood products business and related referral services, interior design and project management business, leasing activities, and trading of agricultural products.
We do not express an opinion on the consolidated financial statements of the Group. Because of the significance of the matter described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these consolidated financial statements.
"As at 31 March 2026, the Group failed to repay six borrowings amounting to RMB6,959,000 in total borrowed from six independent third parties in Hong Kong and the PRC on time, which were originally due for repayment in July 2025 and March 2026.
The management of the Group has carefully considered the future cash flow projections of the Group for the twelve months from 31 March 2026 and has fully reviewed the matters that may cast significant doubt on its ability to continue as a going concern, and has proactively formulated certain plans and measures to ensure that the Group will have sufficient cash resources to continue as a going concern and discharge its financial obligations when they fall due.
