China Evergrande in liquidationOnlineroulettewheelIt is not surprising that the annual report was not released on time.

The liquidator of Evergrande in China announced that the 2023 annual report is also expected to be delayed because "as joint and separate liquidators are now in the process of ascertaining the current state of the company's affairs, there has been a delay in the preparation of the company's financial statements for the year ended 31 December 2023 and the publication of 2023 results".

China Evergrande said it would issue a separate announcement on the 2023 results and the publication date of the 2023 annual report in accordance with the listing rules in due course. China Evergrande, which has suspended trading since January 29, will continue to suspend trading until further notice.

In fact, according to the rules of the HKEx, listed companies are required to publish their preliminary results for the previous financial year before 31 March of the following year, followed by a corresponding annual report before 30 April. Given that China Evergrande's 2023 results have been "opened" on March 31, the delay in the announcement of the annual report is not surprising.

For China Evergrande, the direct impact of the delayed disclosure of the results will include at least one, adding a fourth item to the resumption guidelines at a later stage: the disclosure of all undisclosed financial results. At present, none of the three guidelines for resumption of trading disclosed earlier can be met by China Evergrande. The three guidelines on resumption of trading that have been disclosed include: the withdrawal or discharge of the winding-up order; the proof of the sustainability of the company; and the disclosure of all important information to the market.

It has been three months since China Evergrande was officially issued a winding-up order by the Hong Kong court, declaring the company into bankruptcy liquidation proceedings, and no positive new developments have been made public.

Last month, China Evergrande announced that it would withdraw its previous application to the US court for debt restructuring because "it is not expected that the agreement arrangements will proceed in the current manner." The liquidator said that at this stage, all options had yet to be considered and the joint and separate liquidators would submit new applications under Chapter 15 of the United States Code to support such options as they considered necessary or appropriate.

However, the annual report revealed that the extension was not the first time for China Evergrande. On March 21, 2022, China Evergrande's previous long-term suspension began because it was unable to release its 2021 results on schedule. At that time, China Evergrande delayed the disclosure because "due to significant changes in the company's operating conditions since the second half of last year, auditors added a large number of additional audit procedures this year".

Until July 2023, China Evergrande reissued delayed interim results announcements for 2021, 2022 and 2022, revealing a total net loss of 812 billion yuan in 2021 and 2022, with total liabilities up to the end of 2022.OnlineroulettewheelThe operation of .44 trillion yuan.

The aftermath of these two net losses of more than 800 billion yuan continues. Just this month, the Hong Kong Accounting and Financial reporting Council (FRC) announced that it would take action on the whistleblower's allegations against PricewaterhouseCoopers (PricewaterhouseCoopers Hong Kong). The main allegations reported by the Finance Bureau include: failure to establish and maintain an effective quality control system to ensure audit quality and compliance with professional standards and applicable laws and regulations; failure to comply with professional standards for customers to undertake and maintain customer relationships when providing audit and other professional services to Evergrande Group Failure to assign appropriate personnel to key positions in the accounting firm's quality management system may damage the firm's monitoring functions and fail to implement proper audit procedures for the Evergrande Group audit.

PricewaterhouseCoopers China responded to an anonymous letter signed by "some PwC partners" that contained false information about PricewaterhouseCoopers and some of its partners and that the comments were obviously contrary to the facts. seriously infringed on PwC's business reputation and legal rights, resulting in a bad impact. PricewaterhouseCoopers attaches great importance to the matter, has taken measures, and will conduct an in-depth investigation into the matter.