Summary by Moomoo AI
Ding Fung Group Motor Co., Ltd. (“Ding Fung Group Automobiles”) announced that the publication of the 2023 Annual Results Announcement was delayed due to the need for auditors to complete the audit process and collect all required supporting documents. The delay was partly due to the accidental injury of the company's key financial staff in China's automotive and electrical business in the first quarter of 2024, which affected the preparation of financial data. IN ADDITION, DINGFENG GROUP AUTOMOBILES RECORDED SIGNIFICANT LOSSES AND OPERATING CASH OUTFLOWS IN 2023, AND THERE WAS A SITUATION WHERE CURRENT LIABILITIES EXCEEDED CURRENT ASSETS. Some of the company's borrowings are in default and have received winding-up petitions, which pose significant concerns about its ability to operate. Trading of Ding Fung Group Automotive shares has been suspended since April 2, 2024, pending the publication of the annual results announcement. The Company expects to publish its 2023 Annual Results Announcement by early May 2024 at the latest.