SICC announced that its Board of Directors and Audit Committee approved a move to prepare and disclose all future financial statements exclusively under Chinese Accounting Standards for Business Enterprises (CAS), effective from the 2026 annual report. The decision was passed at the 14th Audit Committee meeting and the 19th Board meeting of the current session on 27 March 2026.

The company is currently dual-listed in Shanghai and Hong Kong and had been publishing financial statements under both CAS and International Financial Reporting Standards (IFRS). Management cited the “substantial convergence” of CAS and IFRS, along with improved disclosure efficiency and reduced audit costs, as the primary reasons for unifying standards.

Concurrent with the standards change, SICC will not reappoint BDO Hong Kong Limited as its separate overseas financial-report auditor after completion of the 2025 audit. BDO Hong Kong was originally engaged for the H-share issuance and Hong Kong listing completed on 20 August 2025.

Board and Audit Committee members unanimously concluded that the shift will have no material impact on SICC’s operating results, financial position or cash flows. The company emphasised that the measure aligns with the interests of all shareholders and is fully supported by existing Hong Kong Stock Exchange regulations, which allow mainland issuers to adopt CAS exclusively when filing in Hong Kong.