CIG (06166) announced that, given the substantial convergence between Chinese Accounting Standards for Business Enterprises and International Financial Reporting Standards (IFRS), the company will uniformly adopt Chinese Accounting Standards for Business Enterprises to prepare its financial reports and disclose related financial information starting from the 2025 annual financial report. This move aims to further enhance the efficiency of information disclosure, simplify the financial preparation process, and save on disclosure costs and audit fees.
According to a resolution passed at the company's 2024 Annual General Meeting held on April 28, 2025, Grant Thornton (Hong Kong) CPA Limited was appointed as the audit firm for the issuance of overseas listed shares (H-shares) and the application for a main board listing on The Stock Exchange of Hong Kong Limited. Its scope of work was specifically related to audit services for the company's H-share issuance and listing.
The company successfully completed the issuance of H-shares and its listing on the main board of The Stock Exchange of Hong Kong Limited on October 28, 2025. Consequently, the work of Grant Thornton (Hong Kong) CPA Limited has been fully completed, and its appointment has ended.
Given that the appointment of Grant Thornton (Special General Partnership) as the domestic financial report auditor for the 2025 fiscal year, which was reviewed and approved at the 2024 Annual General Meeting on April 28, 2025, has been recognized by China's Ministry of Finance and the China Securities Regulatory Commission, and it is qualified to provide audit services using Mainland China auditing standards for Chinese issuers, the company will no longer separately appoint an overseas financial report audit firm.
For the 2025 fiscal year, Grant Thornton (Special General Partnership) will concurrently assume the audit responsibilities for both the company's A-share and H-share financial reports, with no change to the audit remuneration.
All members of the company's Board Audit Committee and the entire Board of Directors unanimously believe that, given the substantial convergence between Chinese Accounting Standards and IFRS, and as relevant policy documents support mainland enterprises using Chinese standards to prepare H-share financial reports, unifying the standards is conducive to improving information disclosure efficiency and reducing preparation costs. This change will not have a significant adverse impact on the authenticity and accuracy of the financial reports or on investor decision-making.
They also confirm that the domestic audit firm, Grant Thornton (Special General Partnership), possesses the qualifications to provide audit services for Chinese issuers. Therefore, they unanimously approved the company's plan to uniformly adopt Chinese Accounting Standards for Business Enterprises for financial reporting and disclosure starting from the 2025 annual report, and to discontinue the separate appointment of an overseas financial report audit institution.
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