CHINA TAIFENG BEDDINGS HOLDINGS LTD Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
中國泰豐床品控股有限公司
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 873)- APPOINTMENT OF INDEPENDENT FORENSIC SPECIALIST AND INTERNAL CONTROL ADVISER;
- FURTHER DELAY IN PUBLICATION OF ANNUAL RESULTS AND DISPATCH OF ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2014; AND
- FURTHER DELAY IN PUBLICATION OF
Reference is made to the announcements of China Taifeng Beddings Holdings Limited (the 'Company', together with its subsidiaries, the 'Group') dated 30 March 2015, 31 March 2015, 1 April 2015, 17 April 2015, 22 May 2015, 2 June 2015, 25 June 2015, 19 July 2015,
22 July 2015, 7 August 2015 and 31 August 2015 (the 'Previous Announcements'), in relation to, amongst other matters, the delay in publication of the 2014 Annual Results and 2015 Interim Results, change of auditors, and the conditions for resumption of trading in the Company's shares (the 'Shares') on the Stock Exchange. Unless the context otherwise requires, capitalized terms used in this announcement shall have the same meanings as defined in the Previous Announcements.
APPOINTMENT OF INDEPENDENT FORENSIC SPECIALIST AND INTERNAL CONTROL ADVISERThe Board wishes to provide an update to the Shareholders regarding the latest development in the fulfillment of the Resumption Conditions. As disclosed in the Resumption Condition Announcement, the Company should, as part of the Resumption Conditions, engage an independent forensic specialist acceptable to the Stock Exchange to conduct a forensic investigation on the Audit Issues raised by BTHK in its resignation letter dated 25 June 2015. On 28 October 2015, the Company engaged FTI Consulting (Hong Kong) Limited ('FTI') as our independent forensic specialist for this purpose.
Further, as part of the Resumption Conditions, the Company should demonstrate that the Company has put in place adequate financial reporting procedures and internal control systems to meet obligations under the Listing Rules. To assist the Company in fulfilling this Resumption Condition, on 28 October 2015, the Company engaged Elite Partners Risk Advisory Services Limited（ 鉅銘風險諮詢服務有限公司）as our internal control adviser to conduct a thorough review of our internal control systems and make recommendations to the Company for this purpose.
The Company is taking all necessary steps to fulfill all of the resumption conditions, and will make further announcement of any material development on the above matters as and when appropriate.
The Board wishes to inform Shareholders that the audit work on the Group was still in progress and the preparation of 2014 Annual Report was on going. Additional time is required before the Annual Results and the 2014 Annual Report are ready.
Due to the delay in publication of our 2014 Annual Results, the publication of the preliminary announcement of the Company's 2015 Interim Results will also be delayed.
Publication of the 2014 Annual Results and 2015 Interim Results, and the despatch of the 2014 Annual Report and the 2015 Interim Report, will be made as soon as reasonably practicable. Further announcement(s) will be made to inform the shareholders of the Company on the date of release of the 2014 Annual Results and the 2015 Interim Results, as and when appropriate.
Trading in the shares on the Stock Exchange remain suspended until further notice.
By order of the board of
China Taifeng Beddings Holdings Limited Liu QingpingChairman
Hong Kong, 28 October 2015
As at the date of this announcement, the Board comprises of four executive Directors, namely, Mr. LIU Qingping, Mr. LI Dengxiang, Ms. Ql Tongli and Mr. ZOU Shengzhong; and three independent non-executive Directors, namely, Mr. CHAN Kin Sang, Mr. LI Yuchun and Mr. DAI Shunlin.
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