Shenzhen Investment Holdings Bay Area Development Company Limited (BAY AREA DEV, 00737 HK; 80737 RMB) resolved on 18 March 2026 to adopt Hong Kong Financial Reporting Standards (HKFRS) with immediate effect, discontinuing use of International Financial Reporting Standards (IFRS).

The switch follows the company’s August 2025 approval from the China Securities Regulatory Commission to issue up to RMB2.00 billion in Panda Bonds to professional investors in Mainland China. Financial statements prepared for the bond issuance already follow HKFRS. Unifying accounting policies is expected to streamline reporting processes and provide consistent information to both shareholders and bond investors.

Key points • Effective period: Financial statements for the year ended 31 December 2025 and all subsequent periods will be presented under HKFRS. • Management view: The board anticipates no material impact on the company’s 2025 or future financial position, operating results, cash flows, or other key indicators. • Background: Since its 2003 listing, the company had reported under IFRS; the alignment with HKFRS removes what management views as immaterial methodological differences between the two frameworks.

The board currently comprises three executive directors (Chairman and General Manager Jianming Wu, Deputy General Managers Cheng Wu and Ji Liu), three non-executive directors, and three independent non-executive directors.