China Huarong Energy Company Limited (Huarong Energy) has issued a quarterly resumption update highlighting persistent hurdles to lifting its 15-month trading suspension on the Hong Kong Stock Exchange.
Audit and Reporting Delays • Completion of the FY2024 audit remains pending due to delayed settlement of professional fees, a situation exacerbated by foreign-exchange controls in Mainland China and Kyrgyzstan that have restricted fund transfers to the auditor. • Without the FY2024 audited results, the FY2025 interim and annual results—and their corresponding reports—have also been pushed back. The Board cannot currently determine a publication timetable. • Finalisation of the FY2024 audit is contingent on clearing outstanding payments to the auditor, for which funds are being sourced from mainland subsidiaries.
Operating Performance (3 months ended 31 Mar 2026) • Energy exploration & production: 75 wells in operation, generating sales of 15,596 barrels of light crude oil and revenue of approximately RMB2.80 million. • Oil storage: Tank-farm services in the PRC contributed revenue of about RMB6.90 million. • Management states that core operations “have been operating as usual in all material respects” since trading was halted on 1 April 2025.
Liquidity Measures To strengthen cash flow and meet outstanding obligations—including audit fees—the Group is pursuing new funding channels, potentially including financing or financial assistance from connected parties.
Corporate Governance Non-Compliance Following successive departures of three independent non-executive directors between April 2025 and May 2026, the Board no longer meets Listing Rule requirements for independent representation across the Board, Audit, Remuneration and Nomination Committees (Rules 3.10(1), 3.10(2), 3.10A, 3.21, 3.25 and 3.27A). Efforts to recruit qualified candidates have so far been hindered by the company’s ongoing restructuring and financial uncertainties.
Trading Status Huarong Energy’s shares have been suspended since 1 April 2025 and will remain so until the Hong Kong Stock Exchange’s resumption guidance is fully met. The company pledges to provide further updates through quarterly announcements and urges shareholders and investors to exercise caution when dealing in its shares.