CCTC to Uniformly Adopt Chinese Accounting Standards and Cease Overseas Audits

Bulletin Express07-20

Chaozhou Three-Circle (Group) Co., Ltd. (CCTC) approved the exclusive use of China Accounting Standards for Business Enterprises (CASBE) for all financial reporting at the 22nd meeting of its 11th Board session on 20 July 2026.

The decision ends the parallel preparation of statements under International Financial Reporting Standards. Beginning with the 2026 interim report, all published financial information will be prepared solely under CASBE.

Management stated that CASBE and IFRS have now “substantially converged,” and confirmed that the change will not materially affect the company’s financial position or operating results.

With CASBE applied uniformly, CCTC will rely on ShineWing Certified Public Accountants LLP—already recognised by China’s Ministry of Finance and the CSRC—to audit its 2026 annual accounts. Consequently, no separate overseas audit firm will be engaged.

The Board’s Audit Committee reviewed the plan and unanimously concluded that streamlined standards will enhance disclosure efficiency without compromising report accuracy or investor decision-making.

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