CMRU Updates on Auditor’s Disclaimer: Investor Due Diligence Finalised, Debt Restructuring Dependent on RMB300–500 million Capital Injection

Bulletin Express04-30

China Metal Resources Utilisation Limited (CMRU) reported progress on addressing the auditor’s disclaimer opinion issued on its FY2024 financial statements, centred on going-concern uncertainties.

CMRU reiterated that securing new equity of RMB300.00 million to RMB500.00 million is pivotal to kick-starting its comprehensive debt restructuring. Three potential backers—labelled Sichuan Investor, Sichuan Investor A and Sichuan Investor B—have completed due diligence and are conducting internal investment assessments. In parallel, the planned RMB400.00 million convertible bond placement to investor Kaiyue remains delayed by liquidity constraints, although CMRU maintains expectations of eventual completion.

Discussions with banks and tax authorities continue, but concrete terms for restructuring each creditor class will only be finalised after fresh capital is in place and major state-owned lenders confirm their willingness to convert debt into equity.

Cost-containment and working-capital initiatives remain in force, though management concedes these measures alone cannot eliminate the going-concern issue. With key operating subsidiaries’ bank accounts and assets now unfrozen, CMRU states its operations are positioned to normalise once funding is secured.

The Board, chaired by Mr. Yu Jianqiu, released the update on 30 April 2026, emphasising that raising new capital remains the decisive first step toward lifting the auditor’s disclaimer opinion and completing the debt-restructuring process.

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