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Maoye International Holdings ( (HK:0848) ) has provided an update.
Maoye International Holdings Limited has announced a restatement and reclassification of its financial statements for the years ended December 31, 2022, and 2023, and the six months ended June 30, 2024. This decision follows the discovery of material misstatements in the financial statements of its associate, Shenzhen Ugo E-commerce Co., Ltd., which led to an overstatement of bank deposits and required an additional impairment charge. The company has engaged an independent appraiser to reassess the recoverable amount of its investment in UGO, and the restatement aims to provide clearer financial reporting for stakeholders.
More about Maoye International Holdings
Maoye International Holdings Limited operates in the retail industry, focusing on department store operations and real estate development. The company is involved in managing and investing in retail properties across China, with a market focus on enhancing its retail operations and expanding its real estate portfolio.
Average Trading Volume: 1,024,193
Current Market Cap: HK$678.5M
Learn more about 0848 stock on TipRanks’ Stock Analysis page.