Kai Ming Medical -B (Stock Code: 2500) announced on 23 February 2024 that it has completed a forensic investigation into the conduct of a forensic investigation by Tak Kin Consulting (Hong Kong) Limited, appointed by the Special Committee, which revealed unauthorised transactions in relation to former Executive Directors Mr Cheng and Mr Tsang. The investigation found that between December 2019 and November 2023, Kai Ming Medical and its subsidiaries were involved in a number of undisclosed funds, including unauthorized loans and guarantees to Jiangsu Wuzhong and Hangzhou Kuntai. A total of approximately RMB 1.85 million was transferred to Mr. Zeng, Mr. Zeng or their related entities, and approximately RMB1.9 million was transferred back to the company from them. The Special Committee considers that Mr Tsang, Mr Tsang...Show More

Kai Ming Medical -B (Stock Code: 2500) announced on 23 February 2024 that it has completed a forensic investigation into the conduct of a forensic investigation by Tak Kin Consulting (Hong Kong) Limited, appointed by the Special Committee, which revealed unauthorised transactions in relation to former Executive Directors Mr Cheng and Mr Tsang. The investigation found that between December 2019 and November 2023, Kai Ming Medical and its subsidiaries were involved in a number of undisclosed funds, including unauthorized loans and guarantees to Jiangsu Wuzhong and Hangzhou Kuntai. A total of approximately RMB 1.85 million was transferred to Mr. Zeng, Mr. Zeng or their related entities, and approximately RMB1.9 million was transferred back to the company from them. The Special Committee considers that Mr Tsang, Mr Tsang and Mr Ma, the former Chief Financial Officer, are liable for the resulting losses. The company has taken action, including asking stakeholders to repay and claim losses, and to review and strengthen internal controls. Due to the incident, the Company's shares have been suspended from 23 November 2023 on the Stock Exchange of Hong Kong Limited and will continue to be suspended until compliance with the Replication Guidelines.