Summary by Futu AI
China Aoyuan Group Co., Ltd. ("China Aoyuan") announced on July 23, 2024 that it disclosed the financial assistance and guarantees provided to affiliated companies for the fiscal year ended December 31, 2023. The announcement pointed out that due to the sale of a majority stake in a subsidiary company, the company became a joint venture, resulting in the group's net balance becoming receivables, causing the group's financial assistance and guarantees to exceed the threshold of 8% of the asset ratio to affiliate companies. China Aoyuan admits that it failed to comply with the disclosure requirements of Article 13.22 of the listing rules and states that this was an unintentional mistake. In order to avoid recurrence, the company will take a series of measures, including regularly updating the list of affiliated companies, strengthening supervision of financial changes, reviewing advances with the auditors, and seeking professional opinions when necessary. In addition, the announcement also provides detailed data on the consolidated financial status of affiliated companies.