Fu Shou Yuan International Group Limited on 31 March 2026 disclosed six material developments, led by a failure to publish its FY-2025 results by the 31 March deadline stipulated under Hong Kong Listing Rule 13.49(1).
The company attributes the delay to an ongoing independent forensic probe into irregularities uncovered during the results-closing process. Key issues include:
1) A RMB 3.00 million asset-procurement payment made in 2025 without complete supporting documents or approvals; and 2) About 40 additional transactions booked by wholly owned subsidiary Shanghai Fushouyuan Enterprise Management Consulting Co., Ltd. between 2016-2025 totaling roughly RMB 11.20 million—comprising RMB 4.30 million of cash withdrawals/disbursements and RMB 6.90 million of supplier payments with inadequate documentation.
A further five potentially dubious items identified during the probe involve RMB 2.40 million of cash outflows and RMB 3.00 million in supplier payments. All are under verification by a Big Four-affiliated forensic accountant appointed by the Board’s Investigation Committee.
Because the investigation and related audit tests remain incomplete, management considers it inappropriate to release unaudited FY-2025 management accounts. Consequently, dispatch of the 2025 Annual Report, originally due by 30 April 2026, is also expected to slip.
The Board meeting scheduled for 31 March 2026 to approve the results has been postponed; a new date will be announced once clarity emerges.
Scope and process of the investigation: • Review period spans 1 January 2024-31 December 2025, covering all non-designated bank accounts, supplier onboarding records and high-value payments that bypassed standard authorisation. • Electronic forensics, document sampling and staff interviews are underway, but progress is hampered by uneven cooperation from certain individuals. • Personnel under scrutiny include a current executive director/CEO, senior consultants and finance staff active during the transactions.
Governance update: non-executive director Mr Tan Leon Li-an appointed fellow non-executive director Mr Huang James Chih-Cheng as his alternate director effective 30 March 2026 for the postponed Board session. Mr Huang holds 400,000 company shares and will receive no remuneration for the temporary role.
Trading in Fu Shou Yuan shares has been suspended since 20 March 2026 and will remain halted until further notice. The Board pledges to cooperate fully with investigators and auditors and will announce a revised timetable for results and report publication once available. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities.
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