Zhitong Financial APP News, Byd Company Limited (01211) issued an announcement that at the board meeting held on March 29th, 2022, the board of directors has decided to prepare only one set of financial statements in accordance with the accounting standards for Chinese enterprises in each future financial reporting period starting from the financial year 2022, but it can only be confirmed after the approval of the company's shareholders at the coming annual general meeting.

Subject to the approval of the shareholders by ordinary resolution at the forthcoming annual general meeting, it is expected that the financial statements of the Company for the fiscal year 2022 and subsequent financial periods will be prepared in accordance with the accounting standards for Chinese enterprises.

Ernst & Young is currently the company's international auditor who provides audit services for the preparation of the company's financial statements in accordance with the Hong Kong Financial reporting Standards.

In view of the proposed adjustment, on March 29, 2022, the board of directors also decided that Ernst & Young would no longer be appointed as the company's international auditor. And to appoint Ernst & Young Waming Accountants (Special General Partnership) (one of the company's existing domestic auditors and approved mainland accounting firms) as the company's only external auditor (it is recommended that the company no longer employ international auditors), so that the company can prepare financial statements in accordance with the accounting standards for Chinese enterprises, but this can only be confirmed after the approval of shareholders by ordinary resolution at the coming annual general meeting.