CHINA HONGBAO (08316) Subsidiary Director Temporarily Out of Contact

Stock News

Sep 03

CHINA HONGBAO (08316) announced that Mr. Wu Yuexiang, a director of the company's indirect wholly-owned subsidiary Yuan Wei New Materials Holdings Limited (Yuan Wei, incorporated in Hong Kong and engaged in construction business), has temporarily lost contact.

As disclosed in the company's annual report for the year ended March 31, 2025, the construction segment generated revenue of approximately HK$46.2 million for the year ended March 31, 2025, representing approximately 57.1% of the group's total revenue.

The group has dispatched personnel to Yuan Wei's office and discovered that all desktop computers and operational and accounting documents have been removed by unidentified persons. The group has reported this matter to the Hong Kong Police.

Mr. Yu Hua, another director and executive director of Yuan Wei, is currently assessing the situation regarding other assets and documents that may have been removed, collecting necessary information, and conducting internal investigations to identify the persons who may have removed such assets and documents.

As a result, the group's construction segment business has been suspended. The group is also seeking professional legal advice, including but not limited to measures to minimize the group's potential losses.

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