Shandong Molong Petroleum Machinery (HK:0568) has released an update.
Shandong Molong Petroleum Machinery Company has announced the resignation of its auditor, Shine Wing Certified Public Accountants LLP, due to exceeding the maximum consecutive appointment term, and is proposing the appointment of Grant Thornton Zhitong Certified Public Accountants LLP as the new auditor. The company has taken improvement measures in response to financial challenges, including overdue liabilities and legal proceedings that resulted in frozen bank accounts and seized assets. These events raise significant doubt about the company’s ability to continue as a going concern, however, Shine Wing’s resignation does not affect their audit opinion, and no disagreements were reported between the company and Shine Wing.
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