Many Idea Cloud Holdings Limited has launched a four-step recovery plan centred on auditor replacement, an expanded forensic investigation and a revised timetable for its long-overdue FY2025 results, according to an announcement released on 26 June 2026. Trading in the company’s shares (HKEX: 06696) remains suspended.

Proposed auditor switch • The board will seek shareholder approval at an upcoming extraordinary general meeting (EGM) to remove incumbent auditor BDO Limited and appoint CCTH CPA Limited. • BDO, re-appointed on 27 June 2025, raised 11 deficiencies in April 2026 regarding the scope and depth of an agreed-upon procedures (AUP) review by HLB into whistle-blower allegations of fund misuse and supplier fraud. • Acting on audit committee advice and new forensic counsel, the board concluded that continuing with BDO “may not be in the interest of the Company” and opted for a “fresh perspective” from an auditor not referenced in the allegations.

New forensic investigation • CLA Advisory Limited has been engaged to conduct a comprehensive forensic review covering: 1) Three prior allegations involving fund flows, supplier payments and cross-border capital links; 2) A new allegation that former group entity Xiamen Many Idea engaged in financial irregularities. • CLA will obtain complete bank transaction records from 1 January 2024 to 28 February 2026, perform 10-year background checks across multiple jurisdictions and apply ISO/IEC 27037 IT-forensic standards. • The final CLA report is targeted for end-July 2026; any additional audit work will follow its findings.

CCTH engagement details • The audit committee cited CCTH’s independence, HKFRS expertise and clean regulatory record as key selection factors. • Proposed audit fee: approximately RMB 1.40 million. • CCTH plans a three-month audit cycle after formal appointment, incorporating CLA’s findings and additional procedures on the allegations, including reviews of forensic reports, supplier due diligence and IT-forensic assessments.

Timetable impact • Publication of the FY2025 annual results—initially due by 31 March 2026—has been further deferred. The board meeting to approve the results is postponed pending: – Shareholder approval of the auditor change; – Completion of the CLA forensic investigation; – Completion of CCTH’s audit and any follow-up procedures. • The company expects to release audited FY2025 results within three months of CCTH’s engagement, subject to the above conditions. • The annual report for FY2025 will be dispatched after results publication. Additional timetable announcements will follow.

Ongoing trading suspension Trading in Many Idea Cloud shares has been halted since 9:00 a.m. on 31 March 2026 and will remain suspended until the FY2025 results are published.

Shareholder actions The forthcoming EGM will vote on resolutions to remove BDO and appoint CCTH. A circular detailing the proposals and BDO’s representations will be dispatched at least 10 business days before the meeting, in compliance with Listing Rule 13.88 and the company’s Articles of Association.