Sinco Pharma Says Internal-Control Gaps Remedied After Review; Shares Slip 4%

MT Newswires Live12-08

Sinco Pharmaceuticals (HKG:6833) said it has completed remediation measures addressing deficiencies identified in an internal control review tied to a 2021 interest-free loan, according to a Dec. 05 Hong Kong bourse filing.

Shares of the firm were down over 4% in Monday's midday trade.

The company implemented revised connected-transaction procedures, strengthened fund management and payment approval policies, introduced petty cash controls, updated contract management steps, and formalised bank-account handling requirements.

A follow-up review submitted concluded that the measures adequately address the previously identified gaps, according to the filing.

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