China Metal Resources Utilization Limited (1636) announced that its auditors expressed a disclaimer opinion on the financial statements for the year ended 31 December 2024, primarily concerning going-concern issues. According to the announcement dated 30 October 2025, the company has focused on addressing the auditor’s remarks by pursuing a debt restructuring plan and seeking new capital investments.

During the period since 30 July 2025, the company actively sought investors capable of providing between RMB300 million and RMB500 million. Previous negotiations with two potential investors did not progress due to their internal investment-approval setbacks. Talks have continued with another investor from Sichuan (referred to as Sichuan Investor A), a related company of a provincial-level state-owned enterprise. This investor is currently performing due diligence, and the company remains intent on finalizing an agreement to secure necessary funding.

The announcement further indicates that the RMB400 million convertible bond investment by Kaiyue remains delayed owing to liquidity issues. The company continues to engage with its creditors, including banks and government tax authorities, but finalizing the restructuring of various debts will depend on the injection of fresh capital and a return to normalized operational levels.

Cost-control measures and efficient working-capital management are still being implemented, although the announcement notes that these steps alone are unlikely to resolve the disclaimer opinion without new investment. Following the inclusion of Xinshiji and Jinxin in Bankruptcy Reorganisation, their bank accounts and operating assets have been unfrozen, removing immediate operational constraints. However, additional progress on overall debt restructuring and normal business activities is dependent on securing the required capital for the next phase of the plan.