Ruisen Life Service (1922) Releases Quarterly Update on Resumption Progress, Maintains Trading Suspension

Bulletin Express11-27

Ruisen Life Service Co, Limited (Stock Code: 1922) issued a quarterly update on its efforts to fulfill the Resumption Guidance required by The Stock Exchange of Hong Kong Limited. The business operations of the Group, primarily focused on property management services in Nanjing and Jiangsu Province, continue as usual. The Group managed 807 residential and non-residential properties as of 30 June 2025, with revenue reaching approximately RMB997.0 million and net assets of about RMB266.4 million.

The Company has announced the finalization of its 2024 Interim Results and 2024 Annual Results, with plans to publish the corresponding reports in early December 2025. The 2025 Interim Report is expected to be released on or before 13 December 2025. Corrections arising from misstatements identified by an independent forensic accountant have already been incorporated into the restated consolidated financial statements for the relevant periods, addressing discrepancies dating back to 2023.

Key management changes were undertaken to ensure regulatory compliance and address findings from independent forensic investigations. The relevant executive and non-executive Directors involved in the identified issues are no longer in their original positions. New appointments, including a Chief Financial Officer and a President with no previous affiliations to Yincheng Group or Yincheng International, were made to enhance governance, improve management independence, and strengthen internal oversight.

An internal control review, carried out by an independent professional adviser, identified and remedied control gaps, with recommendations now implemented. The Company re-complied with Rule 13.92 regarding board diversity through an additional non-executive Director appointment. It also plans to disclose all previously unduly reported connected transactions on or before 13 December 2025. Trading in the Company’s shares remains suspended since 28 August 2024, pending fulfillment of the resumption conditions and further notification by the Stock Exchange.

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