Chongqing M&E to Adopt HKFRS and Amend Articles Amid Rising Overseas Investor Base

Bulletin Express07-08

Chongqing Machinery & Electric Co., Ltd. (Chongqing M&E) announced plans to replace PRC Accounting Standards for Business Enterprises with Hong Kong Financial Reporting Standards (HKFRS) and to revise its Articles of Association accordingly.

Since 2017 the group has reported under PRC standards; the switch to HKFRS is scheduled to begin with the interim financial statements for the period ending 30 June 2026, subject to shareholder approval at an upcoming extraordinary general meeting (EGM).

Management cites growing overseas shareholdings and cross-border investment and financing activities as drivers for the change, noting that HKFRS reporting will enhance transparency in international markets. The board believes the new framework will not materially affect the group’s financial position, performance or cash flows and will keep disclosures compliant with both Hong Kong Listing Rules and the Hong Kong Companies Ordinance.

The proposal accompanies amendments to the Articles of Association, primarily to update provisions on accounting standards and financial reporting. These amendments require a special resolution at the EGM and subsequent filing with the market supervision and administration authority.

The shift follows the retirement of former auditor ShineWing CPA. Zhongshen Zhonghuan Certified Public Accountants LLP has been appointed as the domestic auditor and ZSZH (HK) Fuson CPA Limited as the overseas auditor for the 2026 financial year.

A circular detailing the proposed amendments and the EGM notice will be dispatched to shareholders and posted on HKEXnews on 8 July 2026.

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