Hilong Holding Ltd. Addresses Compliance and Reporting Oversights in Connected Transactions

Hilong Holding Ltd. ( (HK:1623) ) just unveiled an update.

Hilong Holding Ltd. has announced a series of continuing connected transactions following the reclassification of Technomash from a subsidiary to a connected entity. This transition necessitated compliance with Chapter 14A of the Listing Rules, which the company initially overlooked, resulting in a delayed disclosure of the Drill Pipe Supply Agreement. Additionally, the company has consolidated MTC’s financial statements into its group accounts, affecting its transactions with Technomash and Pipeline Surgut. The termination of the MTC Transaction Agreements, which exceeded the 5% threshold for connected transactions, highlights an oversight in obtaining necessary shareholder approvals, impacting the company’s compliance and reporting obligations.

More about Hilong Holding Ltd.

Hilong Holding Ltd. is a company incorporated in the Cayman Islands, primarily involved in providing drilling technology services and manufacturing drill pipes. The company operates in the energy sector and focuses on transactions with connected entities to enhance its market position.

Technical Sentiment Consensus Rating: Buy

Current Market Cap: €23.64M

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