According to Zhitong Finance App, Hengda Group Holdings (03616) issued an announcement. The board of directors decided to establish a special investigation committee to investigate matters relating to the payment of advance construction costs to certain suppliers.

The Special Investigation Committee consists of all independent non-executive directors, namely Mr. Li Guolin, Mr. Wei Jian and Mr. Fang Zheng. The responsibilities of the Special Investigation Committee include engaging an independent third party professional body to assist in reviewing advance payments; reporting relevant findings to the Board; and providing recommendations to the Board on actions (if any).