Kai Ming Medical -B (stock code: 2500) announced that it has completed its internal control review and will continue to suspend trading. The review was carried out by the Beijing branch of DeKin Enterprise Consulting and covers the internal control procedures of all subsidiaries involving unauthorised transactions for the period from 1 January 2020 to 31 December 2023. The review found significant deficiencies in loans, commercial loan approvals, collateral review and disclosure, internal audit oversight mechanisms, bank account management, and more. The Company has implemented a series of remedies based on the advice of internal control consultants, including improving financial payment procedures, providing training on listing rules, developing repayment plans, personnel adjustments, establishing a non-fee contract approval mechanism, and more. The Audit Committee and...Show More

Kai Ming Medical -B (stock code: 2500) announced that it has completed its internal control review and will continue to suspend trading. The review was carried out by the Beijing branch of DeKin Enterprise Consulting and covers the internal control procedures of all subsidiaries involving unauthorised transactions for the period from 1 January 2020 to 31 December 2023. The review found significant deficiencies in loans, commercial loan approvals, collateral review and disclosure, internal audit oversight mechanisms, bank account management, and more. The Company has implemented a series of remedies based on the advice of internal control consultants, including improving financial payment procedures, providing training on listing rules, developing repayment plans, personnel adjustments, establishing a non-fee contract approval mechanism, and more. The Audit Committee and the Board of Directors consider that the remedies implemented are sufficient to address the issues identified by the review and consider that the Company has established sufficient internal control systems to comply with the Listing Rules. The shares will be suspended from 23 November 2023 and will continue to be suspended until compliance with the Recollection Guidance.